課程名稱：貨幣銀行學二︰ 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）：2011/01/17︰ 考試時限（分鐘）：13:10~15:10 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題 : Total: 100points (1) (15pts) 簡要解釋下列變動對於準備貨幣的立即影響 (1a) 新台幣預期升值心理濃厚，外資大舉匯入，央行干預阻升。 (1b) 美元不振，央行的外匯存底帳面(據悉)損失NTD$200億。 (1c) The Central Bank raises the reserve requirement ratio. (2) (15pts) How would the followings affext the money multiplier? (2a) 企業風險上升，銀行放款傾向保守。 (2b) 央行今日定期存單到期金額1000億元，新發行金額900億元。 (2c) 民眾使用信用卡與電子轉帳日愈普遍。 (3) (18pts) Monetary trasmission channels (3a) Early Monetarists used reduced form estimation to study the effect of money on GDP and found the effect to be significant. What are the problems of this method? (3b) Explain how an unanticipated general price decline(debt deflation) affects investment by way of the balance sheet channel. (3c) Under what conditions can the bank lending channel work? (4) (24pts) Monetary Policy (4a) What is the current federal funds rate target of the Federal Reserve? (4b) What are the main differences between the Fed's interest rate targeting currently adopted from the interest rate targeting exercised before? (4c) Briefly explain why the interest rate targeting adopted by the Fed during 1950s-1960s were considered as a pro-cyclical monetary policy? (4d) What lesson can be learn from using the nominal interest rate as a measure of tight or loose monetary policy? Explain. (5) (7pts) 簡要說明為何美國Fed的貨幣政策中間目標在1987年由M1 targeting轉向M2 targeting，並隨後在1993年放棄monetary aggregate targeting。 (6) (7pts) Suppose your monthly income is NT$40,000, which is deposited into a interest-bearing saving account automatically at the beginning of each month. Suppose that purchases must be made with cash, so you must withdraw moeny from the account to pay for purchases. Let the price level be 1. Suppose that the monthly deposit nominal interest rate is 1% and the trasaction cose is NT$5. What is the monthly optimal number of withdrwals each month? And the average transaction demand for money each month? (7) (7pts) In the article"Argentina's Currency Crisis: Lessons for Asia." Argentina adopted the currency board regime in 1991 but abandoned it in early 2002 when the currency crisis erupted. Explain why Argentina failed to maintain the currency board regime. (8) (7pts) The bank panic during 1929-1933 in US caused the money supply to decrease by 25%. What are the factors that contribute to the decline in money supply? --

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