科目:貨幣銀行 課本:Money the finacial system and the economy R.Glenn Hubbard 題目1: An investor makes the following remark: "I don't understand the junk bond market. Junk bonds have become more liquid. This should have made them more desirable and increased the demand for them. The increased demand should have driven their yields up, but in fact their yields have gone down. I guess investors just don't value liquidity." Do you agree with the investor's reasoning? 我的想法: 因為流動性提高 導致債卷的需求曲線上移 債卷價格提高 最後使實質利率和名目利率都下跌 故結論流動性提高導致債卷存量減少 投資者觀點錯誤 這是解答上的結論 (不完全是正解) 問題是 為什麼價格上升會導致利率下降? 題目2 The federal goverment in the US has begun to ran a budget surplus . Use the loanable fund approad to show the impact of the U.S. budget surplus on the world real interest rate. 我的推論 當政府友預算盈餘的時候 資金的需求會減少 所以Dlf線下移導致世界的利率下降 這樣對嗎? 題目3 Suppose that in a large open economy the quantity of loanable funds supplied domestically is initially equal to the quantity of funds demanded domestically. Then a change affect the quantity of loanable funds and the world real interest rate . Does this economy now borrow or lend internationally? 因為當公司被課稅 預期獲利即將下降 所以Dlf線也下移 國際資本市場利率Rw下降 然而在大型的開放經濟體系 Rw會調整到 desired international leaning = desired international borrowing 故Rw還是上升 所以結論 會增加國外借款 是這樣嗎 -- Anything, without blind insistence, is right. --

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