课程名称︰国际金融 课程性质︰系定必修 课程教师︰曹添旺 开课学院：社科院 开课系所︰经济系 考试日期（年月日）︰101/6/14 考试时限（分钟）：9:10~12:10 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 1.(25%) Suppose that C = 60 + 0,75Yd I = 150 - 1000i G = 250 T = 0.2Y X = 100 M = 10 + 0.125Yd Ms = 100 Md = 50 + 0.1Y - 1000i (a) Write the equations for ID and LM schedules (b) Find the equilibrium values for income (Y0), the interst rate (i0), the national saving and the trade balance. (c) When G = 310, find the equilibrium values for income (Y1) and the interest rate (i1). Does the effect of the fiscal expansion be offest by the crowding-out of investment? 2.(25%) Think of the balance of payments, now equal to the desired rate of accumulation of money balances, as a function of the gap between desired (long run) money, Md, and the actual current money supply, M, where Md is proportional to nominal GDP: H = δ(Md - M) Md = KPY (a) Using BP to represent the balance of payments, which is equal to the nominal trade balance in the assumed absence of capital flows, express it as a function of M and PY. What is the effect of ΔM on ΔBP, and why? (b) Is the effect of a monetary expansion on the trade balance in the monetary model with fixed goods prices (i.e., Keynesian model) consistent with its effect in the monetarist model of (a)? (Note that the Keynesian model used TB to denote the real trade balance; the nominal trade balance is given by P times it. This made no difference when P was exogenous and normalized to 1) (c) The assumption of a fixed price level is relaxed and replaced by the assumption of purchaseing power parity: _ P = EP* where the small open economy assumption (that the world price level P* is exogenous) is adopted, along woth the assumption that _income is exogenous because flexible prices guarantee full employment (Y=Y). Returning to the monetarist notation of Problem (a), what is the effect of a devaluaion, ΔE, on the balance of payments in the short run? In the long run? 3.(25%) You are advising the prime minister of Phoenesia. Traded goods constitute half of workers' consumption basket. The other half consists of nontraded goods. The price of nontraded goods, Pn, is a simple proportionate markup to wages, W. Industry and the labor unions have agreed on a contract stipulating the two thirds of any increases in the CPI will be padded through to wages. (a) For every 1 percent nominal devaluation, whats is the effect on the price of nontraded goods? (b) Assume that firms in the traded goods sector show an elasticity of supply (with respect to Pt/W) of 1.0. If the government wants to increase output of traded goods by 10 percent, how large an increase in Pt/W is required? (c) Putting to gether your answers to (a) and (b), how large must the nominal devaluation be th bring about the desired increase in output of traded goods? How large is the resulting increase in the wage, W? In the CPI? 4.(25%) What effect does a revaluation of the currency upward have on income and the trade balance, in the short run and in the long run? Answer diagrammatically for each of the two monetary models. (a) The Keynesian model (i.e fixed goods prices). (b) The nontraded goods model. --

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