课程名称︰货币银行学二 课程性质︰经济系选修 课程教师︰李怡庭 开课学院：社科院 开课系所︰经济系 考试日期（年月日）︰2013. 考试时限（分钟）：110min 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 回答问题时，请写清楚你的推理与逻辑。 1. 美国在1970年代晚期开始发展具有支票功能的共同基金。 (1) (5%) 请说明此项金融创新何以使得Fed低估了M1货币流通速度。 (2) (5%) 若当时Fed采取M1成长率目标，并以估计的M1货币需求设定M1成长率目标 区，可以达到原先订定的名目所得成长率的最终目标吗? 2. (12%) 2008金融风暴後，Fed对银行存放的准备金付利息，且将重贴现率定在联邦 基金指标利率加上0.25个百分点。请说明联邦基金利率(federal funds rate)不会 超过Fed所设的重贴现率，也不会低於Fed对准备金所付的利率。 3. (10%) 我国央行为了「维持台币汇率的稳定」，积极进场调节买入10亿美元(假设 兑美元汇价为30:1)，并发行20亿新台币的定期存单进行冲销。假设上述交易都发 生在央行与银行之间。请列出上述交易央行与银行体系的T字帐。请问上述事件将 如何影响货币供给? 4. 我国央行以M2为中间目标，以货币基数为操作目标。央行在每年年底，会以计量方 法估计货币需求函数，据此估算次年的货币需求，以核定次年的M2成长率目标区。 (1) (4%) 请说明货币目标机制的一项重要优点。 (2) (8%) 若我国的货币需求符合流动偏好学说，那麽央行采行货币目标机制是否 可以达到影响名目所得的目标?(Hint: 考量M2货币需求函数是否具有稳定性) 5. (10%) 某国因长期采取扩张性的货币政策，造成通膨率达到50%。该国央行决定采 取「通货膨胀目标机制」(inflation targeting)，并采取反通膨的政策，结果通 膨率很快降低，且对产出水准没有造成太大的负面影响。请问该国央行能够成功降 低通货膨胀率且产出水准没有大幅减少的重要因素为?(Hint: 请考虑制度面的因素 以及人们的预期。) 6. (12%) 请说明美国在次贷风暴前，发生了那些总体经济变化而导致次贷的倒帐率提 高，进而引起次贷风暴的暴发? 7. (16%) 美国有许多银行从市场上获得资金的重要性已远超过收受存款。2008年的金 融风暴造成一些银行和融资公司(finance company)的资金来源遭到限缩，而影响 它们的放款能力;同时，去业与个人也较以往难以获得贷款，导致总和需求下降。 启用「资产负债表管道」的理论逻辑详细解释上述现象。 8. "Hitting the limits of 'outside the box' thinking? Monetary policy in the crises and beyond" Speech to OMFIF (Golden Series Lecture), London, 16 May 2013. (1) (8%) 请叙述下列文章:"By the end of the 20th century, there was a clear consensus that a remit of monetary policy focused on price stability had many benefits. This view reflected lessons from the painful experience of double-digit inflation rates and erratic growth that prevailed in many countries worldwide in the 1970s, and in some emerging market economies well into the 1990s. The main reason for this dismal inflation and economic performance was that monetary policy neglected price stability. Instead, central banks pursued other goals, which turned otu to be inconsistent with price stability. Inmany advaced econonmies, for example, monetary policy was too accommodative during the 1970s, ad central banks ended up pushing output beyond sustainable levels. In emerging market economie, political pressures to generate seigniorage income and finance public spending programmes via the printing press were frequent sources of high inflation. In all these experiences, the neglect of price stability did not improve economic performance. Over tim, we learned, quite painfully, that there is no beneficial long-run trade-off between inflation and growth. Indeed, we learned that high and volatile inflation rates go hand in hand with erratic growth, large exchangerate weings,and even economic and political crises." (2) (10%) "In emerging market econmies, political pressures to generate seigniorage income and finance public spending programmes via the printing press were frequent sources of high inflation." 请用AD-AS模型说明上述论点。 --

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