課程名稱：貨幣銀行學 課程性質：必修 課程範圍：MISHKIN課本CH1到CH6 開課教師：林馨怡老師 開課學院：社科院 開課系級：經濟系 考試日期(年月日)：2009/11/17 考試時限(Mins)：150 試題本文： National Chengchi University Mid-term Exam Money and Banking I 2009/11/17 I. Multiple Choice (單一選擇題) (45%) 1. It is true that inflation is a (a) continuous increase in the money supply. (b) continuous fall in prices. (c) decline in interest rates. (d) continually rising price level. 2. Kevin purchasing concert tickets with his debit card is an example of the ________ function of money. (a) medium of exchange (b) unit of account (c) store of value (d) specialization 3. A financial market in which only short-term debt instruments are traded is called the ________ market. (a) bond (b) money (c) capital (d) stock 4. A professional baseball player may be contractually restricted from skiing. The team owner includes this clause in the player's contract to protect against (a) risk sharing. (b) moral hazard. (c) adverse selection. (d) regulatory circumvention. 5. According to the liquidity premium theory of the term structure, a flat yield curve indicates that short-term interest rates are expected to (a) rise in the future. (b) remain unchanged in the future. (c) decline moderately in the future. (d) decline sharply in the future. 6. According to the segmented markets theory of the term structure (a) the interest rate on long-term bonds will equal an average of short-term interest rates that people expect to occur over the life of the long-term bonds. (b) buyers of bonds do not prefer bonds of one maturity over another. (c) interest rates on bonds of different maturities do not move together over time. (d) buyers require an additional incentive to hold long-term bonds. 7. If an individual moves money from a demand deposit account to a money market deposit account, (a) M1 decreases and M2 stays the same. (b) M1 stays the same and M2 increases. (c) M1 stays the same and M2 stays the same. (d) M1 increases and M2 decreases. 8. If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rate is (a) 5 percent. (b) 10 percent. (c) 22 percent. (d) 25 percent. 9. Which of the following $1,000 face-value securities has the highest yield to maturity? (a) A 5 percent coupon bond with a price of $1000 (b) A 5 percent coupon bond with a price of $1200 (c) A 5 percent coupon bond with a price of $800 (d) A 5 percent coupon bond with a price of $600 10. The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year is (a) -10 percent. (b) -5 percent. (c) 0 percent. (d) 5 percent. 11. Risk premiums on corporate bonds tend to ________ during business cycle expansions and ________ during recessions, everything else held constant. (a) increase; increase (b) increase; decrease (c) decrease; increase (d) decrease; decrease 12. The figure above illustrates the effect of an increased rate of money supply growth at time period T0. From the figure, one can conclude that the (a) Fisher effect is dominated by the liquidity effect and interest rates adjust slowly to changes in expected inflation. (b) liquidity effect is dominated by the Fisher effect and interest rates adjust slowly to changes in expected inflation. (c) liquidity effect is dominated by the Fisher effect and interest rates adjust quickly to changes in expected inflation. (d) Fisher effect is smaller than the expected inflation effect and interest rates adjust quickly to changes in expected inflation. 13. Everything else held constant, when stock prices become less volatile, the demand curve for bonds shifts to the ________ and the interest rate ________. (a) right; rises (b) right; falls (c) left; falls (d) left; rises 14. If gold becomes acceptable as a medium of exchange, the demand for gold will ________ and the demand for bonds will ________, everything else held constant. (a) decrease; decrease (b) decrease; increase (c) increase; increase (d) increase; decrease 15. 2009年10月8號工商時報報載中華郵政預定推出郵政Visa金融卡。郵政Visa金融卡， 除具有郵局金融卡之所有功能外，還可於全球接受Visa卡的實體商店刷卡消費，及國外貼 有Visa標誌的ATM提領當地貨幣。請問，郵政Visa金融卡屬下列選項何種？ (a) a debit card (b) a credit card (c) a stored-value card (d) a smart card II. Essay Questions (55%) 1. What is the typical relationship between interest rates on three-month Treasury bills, long-term Treasury bonds and Baa corporate bonds? 2. If the income tax exemption on municipal bonds were abolished, what would happen to the interest rates on these bonds? What effect would the change have on interest rates on U.S Treasury securities? 3. Write down one example of “adverse selection” and “moral hazard”. 4. Assuming that expectations theory is the correct theory of the term structure, calculate the interest rates in the term structure for maturities of one to four or five years (a) 5%, 6%, 7%, 7% (b)5%, 4%, 5%, 4%, 3% (c) Does ytm curve upward? or downward? what does ytm curve mean? 5. If a yield curve like the one shown in figure below, what is the market predicting about the movement of the future short-term interest rates? What might the yield curve indicate about the market’s predictions about the inflation rate in the future? Yield to maturity Term to maturity 6. Write down the formula that is used to calculate the yield to maturity on a 25-year 15% coupon bond with $1,000 face value that sell for $2,500. 7. If the interest rate is 15%, what is the present value of a security that pays you $3,0 00 next year, $9,000 the year after, $10,000 the year after, and $ 12,000 the year after that? 8. Explain why you would be more or less willing to buy gold under the following circumstances? (a)Gold again becomes acceptable as a medium of exchange. (b)Prices in the gold market become more volatile. (c)You expect inflation to rise, and gold prices tend to move with the aggregate price level. (d)You expect interest rates to rise. 9. Using both the supply and demand for bonds and liquidity preference frameworks, analysis the impact of the interest rate when the following factors change: (10%) (a) firm’s expected profit increase. (b) price level decrease (when the nominal money supply is fixed) (c) expected stock return decrease (d) show why interest rates are procyclical. 10. Explain the following description is true, false or uncertain (a) In a world without information and transaction costs, financial intermediaries would not exist. (b) By definition, credit card is a kind of money. (c) M1 is the largest measure of the Federal Reserves’ measures of the monetary aggregates. --

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