課程名稱：貨幣銀行學 課程性質：選修 課程範圍：ch12~ch16、ch19 開課教師：林馨怡 開課學院：經濟系 開課系級：選修 考試日期(年月日)：2008/4/24 考試時限(Mins)：2 hr 試題本文： II. Essay Question(55%) 1. Which entitles in the Federal Reserve System control the discount rate? Reserve requirements? Open Market operations. 2. If reserves in the banking system increase by $1 billion as a result of discount loans of $1 billion and checkable deposits increase by $9 biilion, why isn't the banking system in equilibrium? What will continue to happen in the banking system until equilibrium is reached? Show T-account for the banking system in equilibrium?(The required reserve ratio on checkable deposit is 10%, banks do not hold any excess reserves, and the public's holdings of currency do not changed.) 3. What are the concepts between rule and discretion in monetary policy-making ? 4. If credit cards were made by illegal by congressional legislation, what would happen to velocity? Explain your answer. 5. Classify each of the following as either an operating target or an intermediate target, and explain why. (a) The three-month Treasury bill rate (b) The monetary base (c) M2 6. If float decrease below its normal level, why might the manager of domestic operations consider it more desirable to use repurchase agreement to affect the monetary base rather than an outright purchase of bonds? 7. During the Great Depression years 1930-1933, the excess reserves ratio e rose dramatically. What do you think happened to the money supply? Why? 8. If the economy starts to boom and loan demand picks up, what do you predict will happen to the money supply? 9. If velocity and aggregate output remain constant at 5 and 1000 respectively , what happens to the price level if the money supply declines from $800 billion to $600 billion? 10. If the Fed sells $2 million of bonds to the First National Bank, what happens to reserves and the monetary base? Use T-accounts to explain your answer. 11. Using the supply and demand analysis of the market for reserves, show what happens to the federal funds rate, holding everything else constant, if the economy is suprisingly strong, leading to a rise in the amount of checkable deposits.(The graphic is essential.) --

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