課程名稱︰貨幣銀行 課程性質︰必修 課程教師︰陳南光 開課學院：社會科學院 開課系所︰經濟系 考試日期（年月日）︰2008/6/18 考試時限（分鐘）：110 是否需發放獎勵金：是 感謝~ （如未明確表示，則不予發放） 試題 : Total 100 points You must answer question (1)-(3), and then choose 6 questions from (4)-(10) (1)(28pts)Monetary transmission channels (a)早期貨幣學派的實證研究採用reduce form方式估計，發現貨幣變動確實會影響GDP。 試舉一例說明以上reduce form估計可能造成的謬誤。 (b)簡要說明貨幣政策如何透過Unanticipated price level channel影響投資。 (c)Comment on the statement"當利率接近零時，貨幣政策無法再透過利率影響實質經 濟。" (d)We know that monetary policy affects short-term nominal interest rate, but investment depends on long-term real interest rate. So, how does the change of short-term nominal interest rate affect investment? (2)(12pts)Professor Chen estimates Taiwan's money demand function during 1951-1973 and 1974-1997 respectively and he got △ln m(t)=0.5△ln y(t)-0.05△ln R(t)+0.3△ln m(t-1)-0.001 1951-1973 △ln m(t)=0.1△ln y(t)-0.3△ln R(t)+0.3△ln m(t-1)-0.0014 1974-1997 where△lm m(t)=ln m(t)-ln m(t-1), m=M1/GDP deflator, y=real GDP (exclude intermediate transactions), R=90-days T-bill rate. (a)According to the difference in interest rate elasticities between the two periods 1951-73 and 1974-97, what is the implication for monetary aggregates as an intermediate target in these two periods? (b)According to the difference in interest rate elasticities between the two periods, what can you conclude about the behavior of consumers in using payment instruments over time in Taiwan? (3)(12pts)If an asset price can be identified, boom and busts of bubbles may cause large economics fluctuations. Explain the reasons (a)why some economists support central bank react to asset price bubbles; and (b)why some do not support. (4)(8pts)Briefly explain the difference between a Central Bank, a Currency Board and Dollarization regarding (a)The conduct of monetary policy (b)Seignorage revenues(鑄幣稅) (5)(8pts)Theories of Demand for Money (a)Give an explaination when you observe that the income velocity decrease while the transaction velocity increases? (b)Explain how Keynes's and Friedman's theories of the demand for menoy explain the pro-cyclical movements in velocity. (6)(8pts)According to the article "Is There a Role for International Policy Coordination," briefly state and explain the recent findings that are different from those earlier views about the role of international policy coordinations. (7)(8pts)In the article "Argentina's Currency Crisis:Lessions for Asia," expalin why Argentina's adoption of currency board failed. (8)(8pts)In the article "The Financial Markets, Housing, and the Economy," briefly analyze the cause of sub-prime crisis from the follwoing aspects: (a)credit standards (b)complexity of securities (9)(8pts)Consider the article "Liquidity, Monetary Policy, and Financial Cycles." Suppose you observe that the banks' liabilities are more volatile than asstes. What does it imply for their lending behavior? (10)(8pts)Suppose yuor monthly income is Y=NT$40.000, which is deposited into a interest-bearing savings account automatically at the beginning of each month. Suppose that purchases must be made with cash, so you must withdraw money from the account to pay for purchases. Let the price level be 1. Denote: Y=beginning of the month nominal income, i=(monthly) deposit nominal interest rate, δ=transaction costs in nominal terms, Z= the amount of withdrawal each time. Suppose i=1% monthly, δ=NT$5 What is the monthly optimal number of withdrawals each month? And the average transaction demand for money each month? --

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