课程名称︰国际金融 课程性质︰选修 课程教师︰曹添旺 开课学院：社会科学院 开课系所︰经济学系 考试日期（年月日）︰2022.5.26 考试时限（分钟）：120分钟 试题 : 1. (15%) Suppose the aggregate real money demand is L(R,Y)=0.4Y-1000R the real output level is Y= 1000, the money supply is M= 900, the price level is P= 3, the expected exchange rate of domestic currency to foreign currency is E(e_D/F)= 21, and the interest rate of foreign currency is R_F= 5%. (a) (3%) Calculate the interest rate, exchange rate, and the income elasticities of money demand in equilibrium. (b) (6%) Use the comparative-static analysis to compute the effects on E_D/F which caused by a rise in M and Y respectively, and interpret the result. (c) (6%) The velocity of money is defined as V≡ Y/(M/P). If there is a change in Y, what is the effect on velocity? 2. (15%) In our discussion of short-run exchange rate overshooting, we assumed that real output was given. Assume instead that an increase in the money supply raises real output in the short run. How does this affect the extent to which the exchange rate overshoots when the money supply first increases? Is it likely that the exchange rate undershoots? 3. (10%) Explain how permanent shifts in national real money demand functions affect real and nominal exchange rates in the long run. 4. (15%) Discuss the following statement: “When a change in a country’s nominal interest rate is caused by a rise in the expected real interest rate, the domestic currency appreciates. When the change is caused by a rise in expected inflation, the currency depreciates.” 5. (15%) A country imposes a tariff on imports from abroad. How does this action change the longrun real exchange rate between the home and foreign currencies? How is the lone-run nominal exchange rate affected? 6. (15%) Suppose the government imposes a tariff on all imports. Use the DD-AA model to analyze the effects this measure would have on the economy. 7. (15%) Consider the following linear version of the DD-AA model in the text: Consumption is given by C=(1-s)Y, and the current account balance is given by CA=aE-mY , where s is the marginal propensity to save and m is the marginal propensity to import.) We will write the condition of money-market equilibrium as M_s/P=bY-dR. On the assumption that the central bank can hold both the interest rate R and the exchange rate E constant, and assuming that investment I also is constant, what is the effect of an increase in government spending G on output Y ? Explain your result intuitively ----- Sent from JPTT on my iPhone --

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