货币金融学第11版-米什金-思考题目答案第15章

Chapter 16ANSWERS TO QUESTIONS1. A nominal anchor helps promote price stability by tying inflation expectations to low levels directlythrough its constraint on the value of money. It can also limit the time-inconsistency problem byproviding an expected constraint on monetary policy.名义上的锚定可以通过约束货币价值,将通胀预期直接与低水平挂钩,从而促进价格稳定.它还可以通过提供预期的货币政策约束来限制时间不一致问题.2.Central bankers might think they can boost output or lower unemployment by pursuing overlyexpansionary monetary policy even though in the long run this just leads to higher inflation with no gains to increasing output or lowering unemployment. Alternatively, politicians may pressure the central bank to pursue overly expansionary policies.央行官员可能认为,他们可以通过推行过度扩X的货币政策来提高产出或降低失业率,尽管从长远来看,这只会导致通胀上升,而不会增加产出或降低失业率.或者,政治家们可能会向中央银行施压,要求其推行过度扩X的政策.3.This could pose a problem for a couple reasons. First of all, monetary policy has limited ability toencourage long-run economic growth other than through its ability to maintain low, stable long-run inflation and interest rates. Moreover, a strictly interpreted focus on economic growth may result in an unhealthy focus on keeping short-term interest rates low for a prolonged period of time to raiseinvestment and consumption in the near-term. This could lead to imbalances in the economy that, if not properly addressed, could lead to bubbles and financial crises.这可能会造成一个问题,有几个原因.首先,相对于维持低、稳定的长期通胀和利率,货币政策刺激长期经济增长的能力有限.此外,对经济增长的严格解读,可能会导致不健康的关注于将短期利率维持在较低水平以便在短期内提高投资和消费.这可能导致经济失衡,如果不恰当解决,可能导致泡沫和金融危机.4.Uncertain. Most economists probably would not dispute that trying to maintain stability in financialmarkets is important to the economy. However, having a constant and prioritized focus on financial market stability in order to prevent crises in most cases is probably unnecessary since financial crises are generally pretty rare. In addition, constantly focusing on maintaining stability in financial markets could come at the expense of ignoring more important factors that can be far more costly to the economy on a day-to-day basis, such as stabilizing output, unemployment, or other related short-term movements in the business cycle.不确定的.大多数经济学家可能不会否认,试图维持金融市场的稳定对经济是重要的.然而,为了防止在大多数情况下发生危机,将重点放在金融市场稳定上,这可能是不必要的,因为金融危机通常是相当罕见的.此外,不断关注金融市场的稳定,可能会忽视更重要的因素,这些因素在日常生活中可能会对经济造成更大的损失,比如稳定产出、失业,或商业周期中其他相关的短期波动.5.False. There is no long-run trade-off between inflation and unemployment, so in the long run a centralbank with a dual mandate that attempts to promote maximum employment by pursuing inflationary policies would have no more success at reducing unemployment than one whose primary goal is price stability.通货膨胀与失业之间没有长期的平衡,因此长期以来,央行有双重使命：通过推行通货膨胀政策来促进就业最大化,在降低失业率方面没有比其主要目标是价格稳定更成功的了.6.The success of inflation targeting relies on its ability to credibly anchor inflation expectations at a low,desirable level. Without formal public announcements and reminders about the numerical inflation target, markets and the public may have less faith that policymakers are committed to maintaining the inflation target. And if a formal inflation target is not announced at all, market participants and the public may not know the exact target and be forced to infer or estimate the target, creating uncertainty which can raise inflation expectations and unanchor inflation expectations from a low, desirable level.通胀目标的成功依赖于它有能力将通胀预期可靠地锚定在一个低、理想的水平上.如果没有正式的公告和关于数字通胀目标的提醒,市场和公众可能对政策制定者承诺维持通胀目标的信心减少.如果一个正式的通胀目标没有公布,市场参与者和公众可能不知道确切的目标,被迫推断或估计目标,制造不确定性,从而提高通胀预期,将通胀预期从低、理想的水平上拉出来.7.Inflation targeting increases the accountability of monetary policymakers, and is a mechanism ofself-discipline which effectively ties the hands of policymakers to commit to a policy path. Because of the transparency of an inflation targeting framework, it is very easy to verify whether policymakers are faithful to a committed policy path. As a result, there is much less ability and incentive for policymakers to deviate to a discretionary policy which could increase output or raise the inflation rate, therefore mitigating the time-inconsistency problem.通货膨胀目标制增加了货币政策制定者的责任,是一种自律机制,有效地将政策制定者的手绑在一条政策道路上.由于通胀目标框架的透明性,很容易验证政策制定者是否忠于承诺的政策路径.因此,政策制定者偏离自由裁量政策的能力和动机要小得多,这可能会增加产出或提高通货膨胀率,从而缓解时间不一致性的问题.8.Inflation-targeting central banks engage in extensive public information campaigns that include thedistribution of glossy brochures, the publication of Inflation Report-type documents, making speeches to the public, and continual communication with the elected government.以通货膨胀为目标的中央银行从事广泛的公共信息宣传活动,包括分发印刷精美的小册子、发布通货膨胀报告式文件、向公众发表演讲以与与民选政府进行持续的沟通.9.Sustained success in the conduct of monetary policy as measured against a pre-announced andwell-defined inflation target can be instrumental in building public s upport for a central bank’sindependence and for its policies. Also inflation targeting is consistent with democratic principlesbecause the central bank is more accountable.根据预先公布的和明确定义的通胀目标来衡量货币政策的持续成功,可能有助于建立公众对央行独立性和政策的支持.此外,通胀目标与##原则是一致的,因为央行更负责任.10.False. Inflation targeting does not imply a sole focus on inflation. In practice, inflation targeters do worryabout output fluctuations, and inflation targeting may even be able to reduce output fluctuations because it allows monetary policymakers to respo nd more aggressively to declines in demand because they don’t have to worry that the resulting expansionary monetary policy will lead to a sharp rise in inflationexpectations.错误,通胀目标制并不意味着只关注通胀.在实践中,实行通货膨胀目标制确实担心产出波动和通货膨胀目标甚至可以减少产出波动,因为它允许货币政策制定者更积极地应对需求下降,,因为他们不必担心由此产生的扩X性的货币政策会导致通胀预期大幅上升.11.This strategy has the following advantages: <a> it enables monetary policy to focus on domesticconsiderations; <b> underscoring the importance of price stability has helped it to mitigate thetime-inconsistency problem, and <c> it has had a demonstrated success, producing low inflation with the longest business cycle expansion since World War II. However, it has the following disadvantages: <a> there has been an inherent lack of transparency <although this has begun to change in the last few years under Bernanke>; <b> it is strongly dependent on the preferences, skills, and trustworthiness ofindividuals in the central bank and the government; and <c> it has some inconsistencies with democratic principles because the central bank is not highly accountable.这一战略具有以下优点:<a>它使货币政策能够专注于国内考虑;<b>强调价格稳定的重要性,有助于缓解时间矛盾的问题,而且<c>已经取得了成功,产生了自二战以来最长的商业周期扩X的低通胀.然而,它有以下缺点:<a>内在缺乏透明度<尽管在伯南克的任期内,这已经开始改变>;<b>在中央银行和政府中,它严重依赖于个人的喜好、技能和可信赖性;而且<c>它与##原则有一些不一致,因为中央银行没有高度负责.12.False. Although it is true that quantitative easing and other types of nonconventional policy can be usedonce the zero lower bound is reached on short-term interest rates, it is not a panacea. In particular, when the economy reaches the zero lower bound, this often can be coupled with deflationary conditions, whichcan be hard to design effective policies for, since the outcomes from such policies are much moreuncertain than conventional interest rate policy under typical conditions. In addition, nonconventional policies such as quantitative easing are more complex to implement, so it may be harder to effectively use these programs to push the economy away from the zero lower bound.虽然定量宽松政策和其他非常规政策可以在短期利率达到零下限的情况下使用,但它不是万灵药.特别是,当经济达到零下限时,这往往与通货紧缩的情况相结合,这很难设计有效的政策,因为这些政策的结果比传统的利率政策在典型的情况下更加不确定.此外,诸如量化宽松等非常规政策实施起来更为复杂,因此,要有效利用这些项目将经济从零下限推下,可能会更加困难.13.The zero lower bound on nominal interest rates makes it harder to implement expansionary policy asactual inflation <and hence short-term interest rates> fall closer to zero. As a result, there is less room to use monetary policy as a stabilization tool in a low inflation environment. In this context, it is argued thata higher inflation target may be appropriate to give policymakers more flexibility. The downside of thisof course is that in general higher inflation rates can be costly to society, posing a tradeoff for monetary policymakers in terms of flexibility versus efficiency of monetary policy.名义利率的零利率下限使实施扩X性政策变得更加困难,因为实际的通胀<因此短期利率>接近于零.因此,在低通胀环境下,使用货币政策作为稳定工具的空间更小.在这种背景下,有人认为,更高的通胀目标可能是适当的,以给予政策制定者更多的灵活性.当然,这样做的不利之处在于,总体而言,较高的通胀率可能会对社会造成巨大的损失,在货币政策的灵活性和效率方面对货币政策制定者构成了权衡.14.There are several reasons why monetary policy may not be effective in eliminating asset price bubbles.The main reason is that asset price bubbles are extremely difficult to identify in real time; in many cases, by the time there is a consensus among policymakers and the public that a bubble exists, it is usually too late to implement policies to effectively deflate the bubble. And even if an asset price bubble is identified in a timely manner, monetary policy is often thought of as too blunt an instrument to be able to deal effectively with most asset price bubbles. In particular, interest rate changes may have some modest short-term effects on reducing the asset price bubble, but the interest rate changes may have far more consequential effects on real economic activity and cause far worse collateral damage.在消除资产价格泡沫方面,货币政策可能无法发挥作用,有几个原因.主要原因在于,资产价格泡沫很难实时识别;在许多情况下,当决策者和公众一致认为存在泡沫的时候,实施有效抑制泡沫的政策通常为时已晚.即使资产价格泡沫与时得到确认,货币政策也常常被认为是无法有效应对大多数资产价格泡沫的工具.特别是,利率变化可能对降低资产价格泡沫有一些短期影响,但利率变化可能对实际经济活动产生更重要的影响,并造成更糟糕的附带损害.15.In general, the question of appropriate policy response is one of minimizing loss. Credit-driven bubbles<such as the housing bubble experience that resulted in the global financial crisis> can be farmoredevastating to the economy if a crash occurs than if policymakers acted to reduce the size of the bubble preemptively. In other words, raising interest rates to try to reduce the bubble may cause collateraldamage to the economy, but it would result in far less damage than would presumably occur if nothing were done at all and the bubble were allowed to continue to build. On the other hand, non-credit driven bubbles can more easily be dealt with after a crash; since financial markets generally function relatively normally following these types of bubble crashes, conventional monetary policy can be relativelyeffective at mitigating any recessionary conditions in the aftermath. Acting preemptively to address the bubble is likely to cause more collateral damage than is inflicted by any downturn related to a non-credit driven bubble crashing.一般而言,适当的政策应对问题是尽量减少损失.信贷驱动的泡沫<如导致全球金融危机的房地产泡沫经历>对经济的破坏性可能远远大于政策制定者采取行动以先发制人地减少泡沫的规模.换句话说,提高利率以试图减少泡沫可能会对经济造成连带损害,但如果不采取任何措施,而泡沫被允许继续建造的话,那么它所造成的损害将会大大减少.另一方面,非信用驱动的泡沫在崩盘后更容易得到处理;由于金融市场通常在这类泡沫崩溃后相对正常地运行,因此,传统的货币政策在缓解危机后的任何衰退条件下都是相对有效的.采取先发制人的行动来解决泡沫,可能会造成比任何与非信贷驱动的泡沫破裂有关的衰退造成更多的连带损失.16.Because a stock market bubble may be hard to identify <at least through consensus> and policy couldcause more damage than necessary, in general Greenspan would advocate not acting directly on the stock market bubble. However, insofar as the stock market bubble raised wealth and increased consumption and investment, raising interest rates would be seen as prudent in order to maintain low, stable inflation and minimize near-term output fluctuations as a result of the higher wealth. In other words, theGreenspan Doctrine would say not to act directly on the bubble, but to pursue policy as normal tomaintain price stability and stability in real economic activity.由于股市泡沫可能难以确定<至少是通过协商一致>,而政策可能会造成不必要的损失,格林斯潘一般不会主X直接在股市泡沫上采取行动.然而,由于股市泡沫增加了财富,增加了消费和投资,提高利率将被视为一种谨慎的做法,以维持低、稳定的通货膨胀,并将近期的产出波动最小化,这是财富增加的结果.换句话说,格林斯潘的理论会说,不要直接在泡沫上采取行动,而是要采取正常的政策,以维持物价稳定和实际经济活动的稳定.17.<a> The ten-year bond is an intermediate target because it is not directly affected by the tools of the Fed,but is linked to economic activity. <b> The monetary base is a policy instrument because it can bedirectly affected by the tools of the Fed and is only linked to economic activity through its effect on the money supply. <c> M1 is an intermediate target because it is not directly affected by the tools of the Fed and has some direct effect on economic activity. <d> The fed funds rate is a policy instrument because it can be directly affected by the tools of the Fed.<a>十年期债券是一个中间目标,因为它没有受到美联储工具的直接影响,而是与经济活动有关.<b>货币基础是一种政策工具,因为它可以直接受到美联储工具的影响,而且只通过其对货币供应的影响与经济活动有关.<c>M1是一个中间目标,因为它没有受到美联储工具的直接影响,而且对经济活动有直接影响.<d>联邦基金利率是一种政策工具,因为它可以直接受到美联储工具的影响.18.True. In such a world, hitting a reserves target would mean that the Fed would also hit its interest-ratetarget, or vice versa. Thus the Fed could pursue both a reserves target and an interest-rate target at the same time, but only if there were no variation in reserve demand.19.The Fed can control the federal funds rate by buying and selling bonds in the open market. When the fedfunds rate rises above the target level, the Fed would buy bonds, which would increase nonborrowed reserves and lower the interest rate to its target level. Similarly, when the fed funds rate falls below the target level, the Fed would sell bonds to raise the interest rate to the target level. The resulting open market operations would of course affect the quantity of reserves and the money supply and cause them to change. The Fed would be giving up control of reserves and the money supply to pursue itsinterest-rate target.美联储可以通过在公开市场上买卖债券来控制联邦基金利率.当联邦基金利率高于目标水平时,美联储将购买债券,这将增加非借入的储备,并将利率降低到目标水平.同样,当联邦基金利率低于目标水平时,美联储将出售债券,将利率提高到目标水平.由此产生的公开市场操作当然会影响外汇储备的数量和货币供应,并导致它们发生变化.美联储将放弃对外汇储备和货币供应的控制,以实现其利率目标.20.The monetary base is more controllable than M1 because it is more directly influenced by the tools of theFed. It is measured more accurately and quickly than M1 because the Fed can calculate the base from its own balance sheet data, while it constructs M1 numbers from surveys of banks, which take some time to collect and are not always that accurate. Even though the base is a better intermediate target on the grounds of measurability and controllability, it is not necessarily a better intermediate target because its link to economic activity may be weaker than that between M1 and economic activity.基础货币是比M1更直接更容易受美联储控制的工具.它比M1测量更准确,快速,因为美联储可以从自己的资产负债表计算基础数据,,虽然从银行调查的数据来构造M1,这需要一些时间收集,并不总是准确的.尽管基于可测量性和可控性基础货币是一个更好的中间目标,但它不一定是一个更好的中间目标,因为它与经济活动的联系可能比M1和经济活动之间的联系要弱.21.Disagree. Although nominal interest rates are measured more accurately and more quickly than reserveaggregates, the interest-rate variable that is of more concern to policymakers is the real interest rate.Because the measurement of real interest rates requires estimates of expected inflation, it is not true that real interest rates are necessarily measured more accurately and more quickly than reserves. Interest-rate targets are therefore not necessarily better than reserve targets.尽管名义利率比储备总量更准确、更迅速地衡量,但对政策制定者更关心的利率变量是实际利率.由于实际利率的衡量需要预期通胀的估计,因此实际利率比准备金更准确、更快地衡量是不正确的.因此,利率目标不一定比储备目标好.22.Bank behavior can lead to procyclical money growth because when interest rates rise in a boom, theydecrease excess reserves and increase their borrowing from the Fed, both of which lead to a highermoney supply. Similarly, when interest rates fall in a recession, they increase excess reserves anddecrease their borrowing from the Fed, leading to a lower money supply. The result is that the money supply will tend to grow faster in booms and slower in recessions—it is procyclical. Fed behavior also can lead to procyclical money growth because <as the answer to problem 24 indicates> an interest-rate target can lead to a slower rate of growth of the money supply during recessions and a more rapid rate of growth during booms.银行的行为会导致周期性的货币增长,因为当利率上升时,它们会减少超额准备金,并增加从美联储的借款,这两者都导致了更高的货币供应.同样,当利率下降时,它们会增加超额准备金,并减少向美联储的借款,从而导致货币供应减少.其结果是,在经济繁荣时期,货币供应往往会增长得更快,而在经济衰退时期则会放缓——这是周期性的.美联储的行为也会导致周期性货币的增长,因为<正如第24题的答案所示>,利率目标会导致经济衰退期间货币供应增长放缓,而繁荣时期的经济增长速度更快.23.<a> If unemployment rises, this would lower the output gap, and trigger a lower fed funds rate accordingto the Taylor rule. <b> If inflation rises by 1%, this alone would prompt the fed funds rate to rise by 1.5 percentage points. The decrease in the output gap alone would imply the fed funds rate would fall by 0.5 percentage points. Thus, the two factors together imply a net effect of increasing the fed funds rate by one percentage point according to the Taylor rule. <c> Prolonged increases in productivity growth would increase potential output, and with the same rate of actual output growth this would cause the output gap to decline, resulting in a decline in the fed funds rate according to the Taylor rule. <d> If potential output declines, this is the opposite of <e> above, so the fed funds rate would rise according to the Taylor rule.<f > If the inflation target is revised downward, this would increase the inflation gap at any giveninflation rate. This would result in a higher fed funds rate according to the Taylor rule.<a>如果失业率上升,这将降低产出缺口,并根据泰勒规则触发较低的联邦基金利率.<b>如果通胀率上升1%,这将促使联邦基金利率上升1.5个百分点.仅产出缺口的减少就意味着联邦基金利率将下降0.5个百分点.因此,这两个因素共同暗示着,根据泰勒规则,将联邦基金利率提高一个百分点的净效应.<c>生产率增长的长期增长将增加潜在产出,并以同样的实际产出增长率,这将导致产出缺口下降,从而导致联邦基金利率按照泰勒规则下降.<d>如果潜在产出下降,这与上述<e>相反,因此,根据泰勒规则,联邦基金利率会上升.<f>如果通胀目标向下修正,这将增加任何给定通货膨胀率的通胀差距.根据泰勒规则,这将导致联邦基金利率上升.ANSWERS TO APPLIED PROBLEMS24.An increase in the demand for reserves will raise the federal funds rate. In order to maintain the interestrate target, the Fed will buy bonds, thereby increasing the amount of nonborrowed reserves, which shifts the supply curve for reserves to the right, thereby keeping the fed funds rate from rising, as shown below.The open market purchase will then cause the monetary base and the money supply to rise.对准备金的需求增加将提高联邦基金利率.为了维持利率目标,美联储将购买债券,从而增加非借入准备金的数量,从而将准备金的供给曲线转移到右边,从而使美联储的基金利率不上升,如下图所示.公开市场购买将导致货币基础和货币供应增加.25.<a> Assuming the output gap and all other parameters remain constant, then the fed funds rate should beset to 4+ 2 +0.5*<4-2> + 0.5*1＝7.5%.<b> If the measure of expected inflation is the average of the two forecasts, then预期通货膨胀率＝0.5*<3%+ 5%>＝4%. In this case, again the Taylor rule would imply a setting of the fed funds rate of 7.5%.<c> If the measure of expected inflation is the average of the two forecasts, then预期通货膨胀率＝0.5*<0%+8%>＝4%. In this case, again the Taylor rule would imply a setting of the fed fundsrate of7.5%.<d> Probably not. In the situation in part <a>, it is assumed that there is very little uncertainty about what inflation will be, thus a Taylor rule approach to policy may work fine. However, in <b> and <c>, there is clearly more uncertainty about the state of the economy, and therefore having a mechanical rule to dictate policy without accounting for this uncertainty could be problematic. For instance, in part <c>, if future inflation actually turned out to be closer to 0%, the Taylor rule policy may prove to be too tight, and could push the economy into a deflationary situation. This example highlights why judgment and discretion in interpreting data are important parts of the monetary policy process.可能不合理.在部分<a>的情况下,假定通货膨胀率的不确定性非常小,因此泰勒规则的政策可能会很好.然而,在<b>和<c>中,显然对经济状况有更多的不确定性,因此,在不考虑这种不确定性的情况下,制定政策来决定政策是有问题的.例如,在某种程度上<c>,如果未来的通货膨胀率实际上接近0%,泰勒规则的政策可能会被证明过于紧缩,并可能使经济陷入通货紧缩的境地.这个例子强调了为什么判断和谨慎解释数据是货币政策过程的重要部分.。

Chapter 15ANSWERS TO QUESTIONS1.The snowstorm would cause float to increase, which would increase the monetary base. To counteractthis effect, the manager will undertake a defensive open market sale of securities using a reverse repo transaction.这场暴风雪将使浮款上升，这将增加货币基础。

为了抵消这种影响，经理将采用逆回购交易进行防御性公开市场销售。

2.When the public’s holding of currency increases during holiday periods, the currency–checkabledeposits ratio increases and the money supply falls. To counteract this decline in the money supply, the Fed will conduct a defensive open market purchase of securities.在节假日期间，当公众持有货币升值时，现金/存款比率增加，货币供应量下降。

为了抵消货币供应的下降，美联储将采取防御性的公开市场购买证券。

3.As we saw in Chapter 14, when the Treasury’s deposits at the Fed fall, the monetary base increases. Tocounteract this increase, the manager would undertake an open market sale of securities.正如我们在第14章所看到的，当财政部的存款下降时，货币基础会增加。

货币金融学课后答案米什金货币金融学课后答案1、假如我今天以5000美元购买一辆汽车，明年我就可以赚取10000额外收入，因为拥有了这辆车，我就可以成为推销员。

假如没有人愿意贷款给我，我是否应该从放高利贷者拉利处以90%的利率贷款呢你能否列出高利贷合法的依据我应该去找高利贷款，因为这样做的结果会更好。

我支付的利息是4500（90%×5000）,但实际上，我赚了10000美元，所以我最后赚得了5500美元。

因为拉利的高利贷会使一些人的结果更好，所以高利贷会产生一些社会效益。

（一个反对高利贷的观点认为它常常会造成一种暴利活动）。

2、“在没有信息和交易成本的世界里，不会有金融中介机构的存在。

”这种说法是正确的、错误的还是不确定说明你的理由。

正确。

如果没有信息和交易成本，人们相互贷款将无成本无代价进行交易，因此金融机构就没有存在的必要了。

3、风险分担是如何让金融中介机构和私人投资都从中获益的风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认的范围之内，之后，金融中介机构将销售这些资产所获取的资产去购买风险大得多的资产。

低交易成本允许金融中介机构以较低的成本进行风险分担，使得它们能够获取风险资产的收益与出售资产的成本间的差额，这也是金融中介机构的利润。

对投资者而言，金融资产被转化为安全性更高的资产，减少了其面临的风险。

4、在美国，货币是否在20世纪50年代比70年代能更好地发挥价值储藏的功能为什么在哪一个时期你更愿意持有货币在美国，货币作为一种价值储藏手段，在20世纪50年代比70年代好。

因为50年代比70年代通货膨胀率更低，货币贬值的贬值程度也较低。

货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。

在通货膨胀时期，物价水平迅速上升，货币也急速贬值，人们也就不愿意以这种形式来持有财富。

因此，人们在物价水平比较稳定的时期更愿意持有货币。

5、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋”，在人们手中快速传递在恶性通货膨胀期间，货币贬值速度非常快，所以人们希望持有货币的时间越短越好，因此此时的货币就像一个烫手的山芋快速的从一个人手里传到另一个人手里。

第一章课后习题答案一、关键词1.货币（money；currency）从商品中分离出来固定地充当一般等价物的商品。

现代货币：是指以某一权力机构为依托，在一定时期一定地域内推行的一种可以执行交换媒介、价值尺度、延期支付标准及作为完全流动的财富的储藏手段等功能的凭证。

一般可以分为纸凭证及电子凭证，就是人们常说的纸币及电子货币。

2.信用货币（credit money）由国家法律规定的，强制流通不以任何贵金属为基础的独立发挥货币职能的货币。

目前世界各国发行的货币，基本都属于信用货币。

3.货币职能（monetary functions）货币本质所决定的内在功能。

货币的职能主要包括了价值尺度、流通手段、贮藏手段、支付手段和国际货币这五大职能。

4.货币层次（monetary levels）货币层次的划分：M1=现金+活期存款；M2=M1+储蓄存款+定期存款；M3=M2+其他所有存款；M4=M3+短期流动性金融资产。

这样划分的依据是货币的流动性。

5.流动性（liquidity）资产能够以一个合理的价格顺利变现的能力，它是一种所投资的时间尺度（卖出它所需多长时间）和价格尺度（与公平市场价格相比的折扣）之间的关系。

6.货币制度（monetary system）国家对货币的有关要素、货币流通的组织与管理等加以规定所形成的制度，完善的货币制度能够保证货币和货币流通的稳定，保障货币正常发挥各项职能。

二、重要概念1.价值形式商品的价值表现形式。

商品的价值不能自我表现，必须在两种商品的交换中通过另一种商品表现出来。

2.一般等价物从商品中分离出来的充当其它一切商品的统一价值表现材料的商品，它的出现，是商品生产和交换发展的必然结果。

3.银行券由银行（尤指中央银行）发行的一种票据，俗称钞票。

早期银行券由商业银行分散发行，代替金属货币流通，通过与金属货币的兑现维持其价值。

中央银行产生以后，银行券由中央银行垄断发行，金属货币制度崩溃后，银行券成为不兑现的纸制信用货币。

Chapter 16ANSWERS TO QUESTIONS1. A nominal anchor helps promote price stability by tying inflation expectations to low levels directlythrough its constraint on the value of money. It can also limit the time-inconsistency problem byproviding an expected constraint on monetary policy.名义上的锚定可以通过约束货币价值，将通胀预期直接与低水平挂钩，从而促进价格稳定。

它还可以通过提供预期的货币政策约束来限制时间不一致问题。

2.Central bankers might think they can boost output or lower unemployment by pursuing overlyexpansionary monetary policy even though in the long run this just leads to higher inflation with no gains to increasing output or lowering unemployment. Alternatively, politicians may pressure the central bank to pursue overly expansionary policies.央行官员可能认为，他们可以通过推行过度扩张的货币政策来提高产出或降低失业率，尽管从长远来看，这只会导致通胀上升，而不会增加产出或降低失业率。

或者，政治家们可能会向中央银行施压，要求其推行过度扩张的政策。

3.This could pose a problem for a couple reasons. First of all, monetary policy has limited ability toencourage long-run economic growth other than through its ability to maintain low, stable long-run inflation and interest rates. Moreover, a strictly interpreted focus on economic growth may result in an unhealthy focus on keeping short-term interest rates low for a prolonged period of time to raiseinvestment and consumption in the near-term. This could lead to imbalances in the economy that, if not properly addressed, could lead to bubbles and financial crises.这可能会造成一个问题，有几个原因。

第1章为什么研究货币、银行与金融市场1.1 复习笔记1．为什么研究金融市场金融市场是指将资金剩余方的资金转移到资金短缺方的市场。

通过债券市场和股票市场等金融市场，资金从没有生产用途的人向有生产用途的人转移，从而提高了经济效率。

此外，金融市场上的变化还直接影响着个人财富、企业和消费者的行为以及经济周期。

（1）债券市场和利率证券是对发行人未来收入与资产的索取权。

债券是债务证券，它承诺在一个特定的时间段中进行定期支付，债券包括长期债务工具和短期债务工具。

债券市场可以帮助政府和企业筹集到所需要的资金，并且是决定利率的场所，因此在经济活动中有着重要的特殊意义。

利率是借款的成本或为借入资金支付的价格（通常以一定时期内的利息额同本金额的比率来表示）。

利率对整个经济的健康运行有着很大的影响：对于个人来说，利率过高倾向于使其减少消费，增加储蓄；对于企业来说，利率还影响着企业的投资决策，利率的高低决定着企业投资成本的高低。

（2）股票市场普通股（简称为股票）代表持有者对公司的所有权，是对公司收益和资产的索取权。

股票市场是指人们交易股票的市场。

股票市场的价格波动会影响到人们的财富水平，进而对他们的消费意愿产生影响。

股票市场也是影响投资决策的一个重要因素，因为股票价格的高低决定了发行股票所能筹集到的资金数量，从而限制了企业可用于投资的资金。

企业股票的价格高，则他们可以筹集到更多的资金，用于购买更多的生产设施以及装备。

2．为什么研究金融机构和银行银行与其他金融机构是金融市场能够运行的关键所在。

没有金融机构，金融市场就无法实现资金由储蓄者向有生产性投资机会的人的转移。

因此，银行和其他金融机构对于经济运行具有十分重要的作用。

（1）金融体系的结构金融体系是由银行、保险公司、共同基金、财务公司、投资银行等不同类型的私人金融机构构成的复杂系统。

金融中介是指向拥有储蓄的个人借入资金并转而贷给其他资金需求者的金融机构。

（2）银行与其他金融机构银行是吸收存款、发放贷款的金融机构，包括商业银行、储蓄与贷款协会、互助储蓄银行与信用社。

米什金《货币金融学》第十一版关键术语/名词解释第一章1.总收入：一年中生产要素在生产商品与服务的过程中所获得的全部收入。

2.普通股：简称股票，代表持有者对公司的所有权。

股票是对公司收益和资产的索取权。

3.国内生产总值：一个国家在一年中所生产的所有最终商品与服务的市场价值。

4.总产出：一个国家或地区在一定时期内经济活动中所产生的商品与服务的生产总量。

5.电子金融：信息技术的突飞猛进激发出的新的金融产品，并促进金融服务以电子化设备的方式提供给广大客户。

6.通货膨胀：物价水平的持续上升7.物价总水平：一个经济社会中商品与服务的平均价格8.联邦储备体系（美联储）：美国的中央银行，负责本国货币政策的实施9.利率：借款的成本或为借入资金所支付的价格10.通货膨胀率：物价总水平的增长率11.资产：其所有者由于在一定时期内对它们的有效使用、持有或者处置，可以从中获得经济利益的那部分资产。

12.金融危机：金融市场出现混乱，伴随着资产价格的暴跌以及众多金融机构与非金融机构的破产。

13.货币政策：对货币和利率的管理14.银行：吸收存款和发放贷款的金融机构15.金融创新：新的金融产品与服务的发展16.货币理论：该理论将货币数量的变动与货币政策和经济活动与通货膨胀联系起来，展现了货币供给和货币政策是如何作用于总产出的。

17.债券：债务证券，它承诺在一个特定时间段中进行定期支付。

18.金融中介：从储蓄者手中吸收资金，并向需要资金的企业或个人提供贷款。

19.货币：在商品和服务支付以及债务偿还中被广泛接受的东西。

20.预算赤字：在一个特定的时间段中政府支出超过税收收入的差额。

21.预算盈余：在一个特定的时间段中税收收入超过政府支出的差额。

22.金融市场：以金融资产为交易对象而形成的供求关系及其机制的总和。

在这个市场中，资金从那些拥有闲置货币的人手中转移到资金短缺的人手中。

23.经济衰退：总产出下降的时期24.财政政策：有关政府支出和税收的决策25.证券：对发行人未来收入和资产的索取权26.经济周期：经济总产出的上升和下降运动27.外汇市场：货币兑换的场所，资金跨国转移的中介市场28.汇率：用其他国家货币表示的一国货币的价格29.失业率：可供雇佣的劳动力中未就业的比例第二章1.逆向选择：在交易之前由于信息不对称所导致的问题（金融市场上是指那些最可能造成不利（逆向）后果即制造信贷风险的潜在借款人往往是那些最积极寻求贷款并且最可能获取贷款的人）。

第1篇引言第1章为什么研究货币、银行与金融市场1.1复习笔记1.为什么研究金融市场金融市场是指将资金剩余方的资金转移到资金短缺方的市场。

资金供求双方通过金融市场进行资金融通，实现金融资源的有效配置，提高经济效率。

金融市场对个人财富、企业经营、消费者行为以及经济周期等都有直接的影响。

(1)债券市场和利率证券是对发行人未来收入与资产的索取权。

债券是债务证券，它承诺在一个特定的时间段中进行定期支付，债券包括长期债务工具和短期债务工具。

债券市场能够帮助政府和企业筹集所需资金，同时也是决定利率的场所。

利率是借款的成本或为借入资金支付的价格(通常以一定时期内的利息额同本金额的比率来表示)。

利率对整个经济的健康运行有着很大的影响:对于个人来说，利率过高倾向于使其减少消费，增加储蓄;对于企业来说，利率还影响着企业的投资决策，利率的高低决定着企业投资成本的高低。

(2)股票市场普通股(简称为股票)代表持有者对公司的所有权，是对公司收益和资产的索取权。

股票市场是指人们交易股票的市场。

股票市场的价格波动会影响到人们的财富水平，进而对他们的消费意愿产生影响。

股票市场也是影响投资决策的一个重要因素，因为股票价格的高低决定了发行股票所能筹集到的资金数量，从而限制了企业可用于投资的资金。

企业股票的价格高，则他们可以筹集到更多的资金，用于购买更多的生产设施以及装备。

2.为什么研究金融机构和银行银行与其他金融机构是金融市场实现资金由储蓄者向有生产性投资机会的人转移的桥梁，对于经济运行具有十分重要的作用。

(1)金融体系的结构金融体系是由银行与非银行金融机构(保险公司、共同基金等)共同构成的复杂系统。

金融中介是指在金融市场上资金融通过程中，在资金供求者之间起媒介作用的金融机构。

(2)银行与其他金融机构银行是吸收存款、发放贷款的金融机构，包括商业银行、互助储蓄银行等。

金融中介机构中，银行的经济规模最大，但近些年保险公司、财务公司、养老基金、投资银行等其他金融机构的成长速度也很快。

米什金货币金融学第11版笔记和课后习题答案1.2 课后习题详解二、思考题1. 在通常情况下，3个月期国库券利率、长期政府债券利率与Baa 级企业债券利率之间有什么联系?答:3个月期国债利率的波动通常要比其他两种债券利率的波动剧烈，并且平均来说利率更低些。

Baa级的企业债券的利率平均来说要高于其他两种债券的利率。

2. 股票价格的下降对于企业的投资会产生怎样的影响?答:股票价格可以影响企业通过发行新股所能筹集到的资金规模。

一家企业股票价格高昂意味着它可以筹集到更多的资金用于购置生产设施和设备。

公司股票价格下降，意味着公司可筹集的资金数量越少，因而该公司投资于厂房设备的数量减少。

3. 股票价格的上升对于消费者的支出决策会产生怎样的影响?答:股票价格的巨大波动通过影响投资者的财富规模而作用于他们的支出意愿。

股票价格的升高意味着消费者的财富增加，因此，消费者更可能会增加支出。

4. 为什么金融市场对于经济的健康运行至关重要?答:在现代市场经济中，金融市场和商品市场、劳动力市场、技术市场等共同构架了完整的市场体系。

在整个市场体系中，金融市场处于中枢的地位，对经济的健康运行起着十分重要的作用。

其主要通过发挥以下功能来促进经济的健康运行:(1) 融通资金功能在现实经济生活中，总是存在着资金的供应者和需求者，且具有不同的目标。

金融市场的产生与发展为资金的融通以及资金供应者、需求者目标的实现创造了条件，提供了媒介与场所。

金融市场的发展与完善，使其融通资金功能进一步突显。

(2) 调节资金功能金融市场调节资金功能主要表现在动态过程中。

当资金的供应大于需求时，利率就会下降，利率下降使筹资成本下降，从而刺激需求增加，最终达到资金供求平衡;否则反之。

(3) 资金积累功能金融市场的资金积累功能主要通过长期资金市场的作用，促使储蓄转化为投资而实现的。

在长期资金市场上，资金需求者(主要是企业与政府部门)通过发行股票和债券，将资金集中用于投资，引导物资资料和各生产要素的流动和组合，从而实现资金的价值增值。

《货币金融学》课后习题参考答案第一章货币与货币制度1.解释下列概念：狭义货币、广义货币、准货币、实物货币、格雷欣法则（1）狭义货币，通常由现金和活期存款组成。

这里的现金是指流通中的通货。

活期存款，在国外是指全部的活期存款，在我国只包括支票类和信用类活期存款。

狭义货币是现实购买力的代表，是各国货币政策调控的主要对象。

（2）广义货币，通常由现金、活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。

这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具，如商业票据、可转让存单、国库券、金融债券、保险单、契约等。

广义货币扩大了货币的范围，包括了一切可能成为现实购买力的货币形式。

对于研究货币流通整体状况和对未来货币流通的预测都有独特作用。

（3）准货币，也称亚货币。

一般将广义货币口径中除狭义货币以外的部分称为准货币或亚货币。

包括活期存款、储蓄存款、定期存款及某些短期流动性金融资产组成。

这里的短期流动性金融资产是指那些人们接受程度较高的可在一定程度上执行货币某些职能的信用工具，如商业票据、可转让存单、国库券、金融债券、保险单、契约等。

准货币本身虽非真正的货币，但由于它们在经过一定的手续后，能比较容易地转化为现实的购买力，加大流通中的货币供应量。

所以，也称为近似货币。

（4）实物货币，是指以自然界存在的某种物品或人们生产出来的某种物品来充当的货币。

最初的实物货币形式五花八门，各地、各国和各个时期各不相同。

例如，在中国历史上，充当过实物货币的物品种类就有：龟壳、海贝、布匹、农具、耕牛等。

实物货币的缺点在于：不易分割和保存、不便携带，而且价值不稳定，很难满足商品交换的需要。

所以，它不是理想的货币形式，随后被金属货币所取代。

2.如何理解货币的定义？它与日常生活中的通货、财富和收入概念有何不同？答：（1）货币是日常生活中人们经常使用的一个词，它的涵义丰富，在不同的场合有不同的意义。

米什金《货币金融学》第十一版关键术语/名词解释第一章1.总收入:一年中生产要素在生产商品与服务得过程中所获得得全部收入。

2.普通股:简称股票,代表持有者对公司得所有权。

股票就是对公司收益与资产得索取权。

3.国内生产总值:一个国家在一年中所生产得所有最终商品与服务得市场价值。

4.总产出:一个国家或地区在一定时期内经济活动中所产生得商品与服务得生产总量。

5.电子金融:信息技术得突飞猛进激发出得新得金融产品,并促进金融服务以电子化设备得方式提供给广大客户。

6.通货膨胀:物价水平得持续上升7.物价总水平:一个经济社会中商品与服务得平均价格8.联邦储备体系(美联储):美国得中央银行,负责本国货币政策得实施9.利率:借款得成本或为借入资金所支付得价格10.通货膨胀率:物价总水平得增长率11.资产:其所有者由于在一定时期内对它们得有效使用、持有或者处置,可以从中获得经济利益得那部分资产。

12.金融危机:金融市场出现混乱,伴随着资产价格得暴跌以及众多金融机构与非金融机构得破产。

13.货币政策:对货币与利率得管理14.银行:吸收存款与发放贷款得金融机构15.金融创新:新得金融产品与服务得发展16.货币理论:该理论将货币数量得变动与货币政策与经济活动与通货膨胀联系起来,展现了货币供给与货币政策就是如何作用于总产出得。

17.债券:债务证券,它承诺在一个特定时间段中进行定期支付。

18.金融中介:从储蓄者手中吸收资金,并向需要资金得企业或个人提供贷款。

19.货币:在商品与服务支付以及债务偿还中被广泛接受得东西。

20.预算赤字:在一个特定得时间段中政府支出超过税收收入得差额。

21.预算盈余:在一个特定得时间段中税收收入超过政府支出得差额。

22.金融市场:以金融资产为交易对象而形成得供求关系及其机制得总与。

在这个市场中,资金从那些拥有闲置货币得人手中转移到资金短缺得人手中。

23.经济衰退:总产出下降得时期24.财政政策:有关政府支出与税收得决策25.证券:对发行人未来收入与资产得索取权26.经济周期:经济总产出得上升与下降运动27.外汇市场:货币兑换得场所,资金跨国转移得中介市场28.汇率:用其她国家货币表示得一国货币得价格29.失业率:可供雇佣得劳动力中未就业得比例第二章1.逆向选择:在交易之前由于信息不对称所导致得问题(金融市场上就是指那些最可能造成不利(逆向)后果即制造信贷风险得潜在借款人往往就是那些最积极寻求贷款并且最可能获取贷款得人)。

米什金《货币金融学》第十一版关键术语/名词解释第一章1.总收入:一年中生产要素在生产商品与服务得过程中所获得得全部收入。

2.普通股:简称股票,代表持有者对公司得所有权。

股票就是对公司收益与资产得索取权。

3.国内生产总值:一个国家在一年中所生产得所有最终商品与服务得市场价值。

4.总产出:一个国家或地区在一定时期内经济活动中所产生得商品与服务得生产总量。

5.电子金融:信息技术得突飞猛进激发出得新得金融产品,并促进金融服务以电子化设备得方式提供给广大客户。

6.通货膨胀:物价水平得持续上升7.物价总水平:一个经济社会中商品与服务得平均价格8.联邦储备体系(美联储):美国得中央银行,负责本国货币政策得实施9.利率:借款得成本或为借入资金所支付得价格10.通货膨胀率:物价总水平得增长率11.资产:其所有者由于在一定时期内对它们得有效使用、持有或者处置,可以从中获得经济利益得那部分资产。

12.金融危机:金融市场出现混乱,伴随着资产价格得暴跌以及众多金融机构与非金融机构得破产。

13.货币政策:对货币与利率得管理14.银行:吸收存款与发放贷款得金融机构15.金融创新:新得金融产品与服务得发展16.货币理论:该理论将货币数量得变动与货币政策与经济活动与通货膨胀联系起来,展现了货币供给与货币政策就是如何作用于总产出得。

17.债券:债务证券,它承诺在一个特定时间段中进行定期支付。

18.金融中介:从储蓄者手中吸收资金,并向需要资金得企业或个人提供贷款。

19.货币:在商品与服务支付以及债务偿还中被广泛接受得东西。

20.预算赤字:在一个特定得时间段中政府支出超过税收收入得差额。

21.预算盈余:在一个特定得时间段中税收收入超过政府支出得差额。

22.金融市场:以金融资产为交易对象而形成得供求关系及其机制得总与。

在这个市场中,资金从那些拥有闲置货币得人手中转移到资金短缺得人手中。

23.经济衰退:总产出下降得时期24.财政政策:有关政府支出与税收得决策25.证券:对发行人未来收入与资产得索取权26.经济周期:经济总产出得上升与下降运动27.外汇市场:货币兑换得场所,资金跨国转移得中介市场28.汇率:用其她国家货币表示得一国货币得价格29.失业率:可供雇佣得劳动力中未就业得比例第二章1.逆向选择:在交易之前由于信息不对称所导致得问题(金融市场上就是指那些最可能造成不利(逆向)后果即制造信贷风险得潜在借款人往往就是那些最积极寻求贷款并且最可能获取贷款得人)。

Chapter 16ANSWERS TO QUESTIONS1. A nominal anchor helps promote price stability by tying inflation expectations to low levels directlythrough its constraint on the value of money. It can also limit the time-inconsistency problem byproviding an expected constraint on monetary policy.名义上的锚定可以通过约束货币价值，将通胀预期直接与低水平挂钩，从而促进价格稳定。

它还可以通过提供预期的货币政策约束来限制时间不一致问题。

2.Central bankers might think they can boost output or lower unemployment by pursuing overlyexpansionary monetary policy even though in the long run this just leads to higher inflation with no gains to increasing output or lowering unemployment. Alternatively, politicians may pressure the central bank to pursue overly expansionary policies.央行官员可能认为，他们可以通过推行过度扩张的货币政策来提高产出或降低失业率，尽管从长远来看，这只会导致通胀上升，而不会增加产出或降低失业率。

或者，政治家们可能会向中央银行施压，要求其推行过度扩张的政策。

3.This could pose a problem for a couple reasons. First of all, monetary policy has limited ability toencourage long-run economic growth other than through its ability to maintain low, stable long-run inflation and interest rates. Moreover, a strictly interpreted focus on economic growth may result in an unhealthy focus on keeping short-term interest rates low for a prolonged period of time to raiseinvestment and consumption in the near-term. This could lead to imbalances in the economy that, if not properly addressed, could lead to bubbles and financial crises.这可能会造成一个问题，有几个原因。

Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 15 The Money Supply Process15.1 Three Players in the Money Supply Process1) The government agency that oversees the banking system and is responsible for the conduct of monetary policy in the United States isA) the Federal Reserve System.B) the United States Treasury.C) the U.S. Gold Commission.D) the House of Representatives.Answer: AAACSB: Reflective Thinking2) Individuals that lend funds to a bank by opening a checking account are calledA) policyholders.B) partners.C) depositors.D) debt holders.Answer: CAACSB: Reflective Thinking3) The three players in the money supply process includeA) banks, depositors, and the U.S. Treasury.B) banks, depositors, and borrowers.C) banks, depositors, and the central bank.D) banks, borrowers, and the central bank.Answer: CAACSB: Reflective Thinking4) Of the three players in the money supply process, most observers agree that the most important player isA) the United States Treasury.B) the Federal Reserve System.C) the FDIC.D) the Office of Thrift Supervision.Answer: BAACSB: Reflective Thinking15.2 The Fed's Balance Sheet1) Both ________ and ________ are Federal Reserve assets.A) currency in circulation; reservesB) currency in circulation; securitiesC) securities; loans to financial institutionsD) securities; reservesAnswer: CAACSB: Reflective Thinking2) The monetary liabilities of the Federal Reserve includeA) securities and loans to financial institutions.B) currency in circulation and reserves.C) securities and reserves.D) currency in circulation and loans to financial institutions.Answer: BAACSB: Reflective Thinking3) Both ________ and ________ are monetary liabilities of the Fed.A) securities; loans to financial institutionsB) currency in circulation; reservesC) securities; reservesD) currency in circulation; loans to financial institutionsAnswer: BAACSB: Reflective Thinking4) The sum of the Fed's monetary liabilities and the U.S. Treasury's monetary liabilities is calledA) the money supply.B) currency in circulation.C) bank reserves.D) the monetary base.Answer: DAACSB: Reflective Thinking5) The monetary base consists ofA) currency in circulation and Federal Reserve notes.B) currency in circulation and the U.S. Treasury's monetary liabilities.C) currency in circulation and reserves.D) reserves and Federal Reserve Notes.Answer: CAACSB: Reflective Thinking6) Total reserves minus bank deposits with the Fed equalsA) vault cash.B) excess reserves.C) required reserves.D) currency in circulation.Answer: AAACSB: Analytical Thinking7) Reserves are equal to the sum ofA) required reserves and excess reserves.B) required reserves and vault cash reserves.C) excess reserves and vault cash reserves.D) vault cash reserves and total reserves.Answer: AAACSB: Analytical Thinking8) Total reserves are the sum of ________ and ________.A) excess reserves; borrowed reservesB) required reserves; currency in circulationC) vault cash; excess reservesD) excess reserves; required reservesAnswer: DAACSB: Reflective Thinking9) Excess reserves are equal toA) total reserves minus discount loans.B) vault cash plus deposits with Federal Reserve banks minus required reserves.C) vault cash minus required reserves.D) deposits with the Fed minus vault cash plus required reserves.Answer: BAACSB: Analytical Thinking10) Total Reserves minus vault cash equalsA) bank deposits with the Fed.B) excess reserves.C) required reserves.D) currency in circulation.Answer: AAACSB: Analytical Thinking11) The amount of deposits that banks must hold in reserve isA) excess reserves.B) required reserves.C) total reserves.D) vault cash.Answer: BAACSB: Reflective Thinking12) The percentage of deposits that banks must hold in reserve is theA) excess reserve ratio.B) required reserve ratio.C) total reserve ratio.D) currency ratio.Answer: BAACSB: Reflective Thinking13) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and one million dollars in required reserves. Given this information, we can say First National Bank has ________ million dollars in excess reserves.A) threeB) nineC) tenD) elevenAnswer: BAACSB: Analytical Thinking14) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and one million dollars in required reserves. Given this information, we can say First National Bank faces a required reserve ratio of ________ percent.A) tenB) twentyC) eightyD) ninetyAnswer: AAACSB: Analytical Thinking15) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and nine million dollars in excess reserves. Given this information, we can say First National Bank has ________ million dollars in required reserves.A) oneB) twoC) eightD) tenAnswer: AAACSB: Analytical Thinkingvault cash, eight million dollars on deposit with the Federal Reserve, and nine million dollars in excess reserves. Given this information, we can say First National Bank faces a required reserve ratio of ________ percent.A) tenB) twentyC) eightyD) ninetyAnswer: AAACSB: Analytical Thinking17) Suppose that from a new checkable deposit, First National Bank holds eight million dollars on deposit with the Federal Reserve, one million dollars in required reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars in excess reserves.A) twoB) eightC) nineD) tenAnswer: CAACSB: Analytical Thinking18) Suppose that from a new checkable deposit, First National Bank holds eight million dollars on deposit with the Federal Reserve, one million dollars in required reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars in vault cash.A) twoB) eightC) nineD) tenAnswer: AAACSB: Analytical Thinking19) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars in required reserves.A) oneB) twoC) eightD) tenAnswer: AAACSB: Analytical Thinkingvault cash, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars on deposit with the Federal Reserve.A) oneB) twoC) eightD) tenAnswer: CAACSB: Analytical Thinking21) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, one million dollars in required reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars in excess reserves.A) oneB) twoC) nineD) tenAnswer: CAACSB: Analytical Thinking22) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, one million dollars in required reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has ________ million dollars on deposit with the Federal Reserve.A) oneB) twoC) eightD) tenAnswer: CAACSB: Analytical Thinking23) Suppose that from a new checkable deposit, First National Bank holds eight million dollars on deposit with the Federal Reserve, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has________ million dollars in required reserves.A) oneB) twoC) nineD) tenAnswer: AAACSB: Reflective Thinkingon deposit with the Federal Reserve, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent. Given this information, we can say First National Bank has________ million dollars in vault cash.A) oneB) twoC) nineD) tenAnswer: BAACSB: Analytical Thinking25) The interest rate the Fed charges banks borrowing from the Fed is theA) federal funds rate.B) Treasury bill rate.C) discount rate.D) prime rate.Answer: CAACSB: Reflective Thinking26) When banks borrow money from the Federal Reserve, these funds are calledA) federal funds.B) discount loans.C) federal loans.D) Treasury funds.Answer: BAACSB: Reflective Thinking15.3 Control of the Monetary Base1) The monetary base minus currency in circulation equalsA) reserves.B) the borrowed base.C) the nonborrowed base.D) discount loans.Answer: AAACSB: Analytical Thinking2) The monetary base minus reserves equalsA) currency in circulation.B) the borrowed base.C) the nonborrowed base.D) discount loans.Answer: AAACSB: Analytical Thinking3) High-powered money minus reserves equalsA) reserves.B) currency in circulation.C) the monetary base.D) the nonborrowed base.Answer: BAACSB: Analytical Thinking4) High-powered money minus currency in circulation equalsA) reserves.B) the borrowed base.C) the nonborrowed base.D) discount loans.Answer: AAACSB: Analytical Thinking5) Purchases and sales of government securities by the Federal Reserve are calledA) discount loans.B) federal fund transfers.C) open market operations.D) swap transactions.Answer: CAACSB: Written and oral communication6) When the Federal Reserve purchases a government bond from a primary dealer, reserves in the banking system ________ and the monetary base ________, everything else held constant.A) increase; increasesB) increase; decreasesC) decrease; increasesD) decrease; decreasesAnswer: AAACSB: Analytical Thinking7) When the Federal Reserve sells a government bond to a primary dealer, reserves in the banking system ________ and the monetary base ________, everything else held constant.A) increase; increasesB) increase; decreasesC) decrease; increasesD) decrease; decreasesAnswer: DAACSB: Analytical Thinking8) When a primary dealer sells a government bond to the Federal Reserve, reserves in the banking system ________ and the monetary base ________, everything else held constant.A) increase; increasesB) increase; decreasesC) decrease; increasesD) decrease; decreasesAnswer: AAACSB: Analytical Thinking9) When a primary dealer buys a government bond from the Federal Reserve, reserves in the banking system ________ and the monetary base ________, everything else held constant.A) increase; increasesB) increase; decreasesC) decrease; increasesD) decrease; decreasesAnswer: DAACSB: Analytical Thinking10) When the Fed buys $100 worth of bonds from a primary dealer, reserves in the banking systemA) increase by $100.B) increase by more than $100.C) decrease by $100.D) decrease by more than $100.Answer: AAACSB: Analytical Thinking11) When the Fed sells $100 worth of bonds to a primary dealer, reserves in the banking systemA) increase by $100.B) increase by more than $100.C) decrease by $100.D) decrease by more than $100.Answer: CAACSB: Analytical Thinking12) When the Fed extends a $100 discount loan to the First National Bank, reserves in the banking systemA) increase by $100.B) increase by more than $100.C) decrease by $100.D) decrease by more than $100.Answer: AAACSB: Analytical Thinking13) All else the same, when the Fed calls in a $100 discount loan previously extended to the First National Bank, reserves in the banking systemA) increase by $100.B) increase by more than $100.C) decrease by $100.D) decrease by more than $100.Answer: CAACSB: Analytical Thinking14) When the Federal Reserve extends a discount loan to a bank, the monetary base ________ and reserves ________.A) remains unchanged; decreaseB) remains unchanged; increaseC) increases; increaseD) increases; remain unchangedAnswer: CAACSB: Analytical Thinking15) When the Federal Reserve calls in a discount loan from a bank, the monetary base ________ and reserves ________.A) remains unchanged; decreaseB) remains unchanged; increaseC) decreases; decreaseD) decreases; remains unchangedAnswer: CAACSB: Analytical Thinking16) If the Fed decides to reduce bank reserves, it canA) purchase government bonds.B) extend discount loans to banks.C) sell government bonds.D) print more currency.Answer: CAACSB: Analytical Thinking17) There are two ways in which the Fed can provide additional reserves to the banking system: it can ________ government bonds or it can ________ discount loans to commercial banks.A) sell; extendB) sell; call inC) purchase; extendD) purchase; call inAnswer: CAACSB: Analytical Thinking18) A decrease in ________ leads to an equal ________ in the monetary base in the short run.A) float; increaseB) float; decreaseC) Treasury deposits at the Fed; decreaseD) discount loans; increaseAnswer: BAACSB: Analytical Thinking19) The monetary base declines whenA) the Fed extends discount loans.B) Treasury deposits at the Fed decrease.C) float increases.D) the Fed sells securities.Answer: DAACSB: Analytical Thinking20) An increase in ________ leads to an equal ________ in the monetary base in the short run.A) float; decreaseB) float; increaseC) discount loans; decreaseD) Treasury deposits at the Fed; increaseAnswer: BAACSB: Analytical Thinking21) Suppose a person cashes his payroll check and holds all the funds in the form of currency. Everything else held constant, total reserves in the banking system ________ and the monetary base ________.A) remain unchanged; increasesB) decrease; increasesC) decrease; remains unchangedD) decrease; decreasesAnswer: CAACSB: Analytical Thinking22) Suppose your payroll check is directly deposited to your checking account. Everything else held constant, total reserves in the banking system ________ and the monetary base ________.A) remain unchanged; remains unchangedB) remain unchanged; increasesC) decrease; increasesD) decrease; decreasesAnswer: AAACSB: Analytical Thinking23) The Fed does not tightly control the monetary base because it does NOT completely controlA) open market purchases.B) open market sales.C) borrowed reserves.D) the discount rate.Answer: CAACSB: Reflective Thinking24) Subtracting borrowed reserves from the monetary base obtainsA) reserves.B) high-powered money.C) the nonborrowed monetary base.D) the borrowed monetary base.Answer: CAACSB: Analytical Thinking25) The relationship between borrowed reserves (BR), the nonborrowed monetary base (MB n), and the monetary base (MB) isA) MB = MB n - BR.B) BR = MB n - MB.C) BR = MB - MB n.D) MB = BR - MB n.Answer: CAACSB: Analytical Thinking26) Explain two ways by which the Federal Reserve System can increase the monetary base. Why is the effect of Federal Reserve actions on bank reserves less exact than the effect on the monetary base?Answer: The Fed can increase the monetary base by purchasing government bonds and by extending discount loans. Because the Fed cannot control the distribution of the monetary base between reserves and currency, it has less control over reserves than the base.AACSB: Reflective Thinking15.4 Multiple Deposit Creation: A Simple Model1) When the Fed supplies the banking system with an extra dollar of reserves, deposits increase by more than one dollar—a process calledA) extra deposit creation.B) multiple deposit creation.C) expansionary deposit creation.D) stimulative deposit creation.Answer: BAACSB: Reflective Thinking2) When the Fed supplies the banking system with an extra dollar of reserves, deposits ________ by ________ than one dollar—a process called multiple deposit creation.A) increase; lessB) increase; moreC) decrease; lessD) decrease; moreAnswer: BAACSB: Reflective Thinking3) If the required reserve ratio is equal to 10 percent, a single bank can increase its loans up to a maximum amount equal toA) its excess reserves.B) 10 times its excess reserves.C) 10 percent of its excess reserves.D) its total reserves.Answer: AAACSB: Analytical Thinking4) In the simple deposit expansion model, if the Fed purchases $100 worth of bonds from a bank that previously had no excess reserves, the bank can now increase its loans byA) $10.B) $100.C) $100 times the reciprocal of the required reserve ratio.D) $100 times the required reserve ratio.Answer: BAACSB: Analytical Thinking5) In the simple deposit expansion model, if the Fed purchases $100 worth of bonds from a bank that previously had no excess reserves, deposits in the banking system can potentially increase byA) $10.B) $100.C) $100 times the reciprocal of the required reserve ratio.D) $100 times the required reserve ratio.Answer: CAACSB: Analytical Thinking6) In the simple deposit expansion model, if the Fed extends a $100 discount loan to a bank that previously had no excess reserves, the bank can now increase its loans byA) $10.B) $100.C) $100 times the reciprocal of the required reserve ratio.D) $100 times the required reserve ratio.Answer: BAACSB: Analytical Thinking7) In the simple deposit expansion model, if the Fed extends a $100 discount loan to a bank that previously had no excess reserves, deposits in the banking system can potentially increase byA) $10.B) $100.C) $100 times the reciprocal of the required reserve ratio.D) $100 times the required reserve ratio.Answer: CAACSB: Analytical Thinking8) In the simple model of multiple deposit creation in which banks do not hold excess reserves, the increase in checkable deposits equals the product of the change in reserves and theA) reciprocal of the excess reserve ratio.B) simple deposit expansion multiplier.C) reciprocal of the simple deposit multiplier.D) discount rate.Answer: BAACSB: Analytical Thinking9) The simple deposit multiplier can be expressed as the ratio of theA) change in reserves in the banking system divided by the change in deposits.B) change in deposits divided by the change in reserves in the banking system.C) required reserve ratio divided by the change in reserves in the banking system.D) change in deposits divided by the required reserve ratio.Answer: BAACSB: Analytical Thinking10) If reserves in the banking system increase by $100, then checkable deposits will increase by $1000 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.10.C) 0.05.D) 0.20.Answer: BAACSB: Analytical Thinking11) If reserves in the banking system increase by $100, then checkable deposits will increase by $500 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.10.C) 0.05.D) 0.20Answer: DAACSB: Analytical Thinking12) If the required reserve ratio is 10 percent, the simple deposit multiplier isA) 5.0.B) 2.5.C) 100.0.D) 10.0Answer: DAACSB: Analytical Thinking13) If the required reserve ratio is 15 percent, the simple deposit multiplier isA) 15.0.B) 1.5.C) 6.67.D) 3.33.Answer: CAACSB: Analytical Thinking14) If the required reserve ratio is 20 percent, the simple deposit multiplier isA) 5.0.B) 2.5.C) 4.0.D) 10.0.Answer: AAACSB: Analytical Thinking15) If the required reserve ratio is 25 percent, the simple deposit multiplier isA) 5.0.B) 2.5.C) 4.0.D) 10.0.Answer: CAACSB: Analytical Thinking16) A simple deposit multiplier equal to one implies a required reserve ratio equal toA) 100 percent.B) 50 percent.C) 25 percent.D) 0 percent.Answer: AAACSB: Analytical Thinking17) A simple deposit multiplier equal to two implies a required reserve ratio equal toA) 100 percent.B) 50 percent.C) 25 percent.D) 0 percent.Answer: BAACSB: Analytical Thinking18) A simple deposit multiplier equal to four implies a required reserve ratio equal toA) 100 percent.B) 50 percent.C) 25 percent.D) 0 percent.Answer: CAACSB: Analytical Thinking19) In the simple deposit expansion model, if the banking system has excess reserves of $75, and the required reserve ratio is 20%, the potential expansion of checkable deposits isA) $75.B) $750.C) $37.50.D) $375.Answer: DAACSB: Analytical Thinking20) In the simple deposit expansion model, if the required reserve ratio is 20 percent and the Fed increases reserves by $100, checkable deposits can potentially expand byA) $100.B) $250.C) $500.D) $1,000.Answer: CAACSB: Analytical Thinking21) In the simple deposit expansion model, if the required reserve ratio is 10 percent and the Fed increases reserves by $100, checkable deposits can potentially expand byA) $100.B) $250.C) $500.D) $1,000.Answer: DAACSB: Analytical Thinking22) In the simple deposit expansion model, an expansion in checkable deposits of $1,000 when the required reserve ratio is equal to 20 percent implies that the FedA) sold $200 in government bonds.B) sold $500 in government bonds.C) purchased $200 in government bonds.D) purchased $500 in government bonds.Answer: CAACSB: Analytical Thinking23) In the simple deposit expansion model, an expansion in checkable deposits of $1,000 when the required reserve ratio is equal to 10 percent implies that the FedA) sold $1,000 in government bonds.B) sold $100 in government bonds.C) purchased $1000 in government bonds.D) purchased $100 in government bonds.Answer: DAACSB: Analytical Thinking24) In the simple deposit expansion model, a decline in checkable deposits of $1,000 when the required reserve ratio is equal to 20 percent implies that the FedA) sold $200 in government bonds.B) sold $500 in government bonds.C) purchased $200 in government bonds.D) purchased $500 in government bonds.Answer: AAACSB: Analytical Thinking25) In the simple deposit expansion model, a decline in checkable deposits of $1,000 when the required reserve ratio is equal to 10 percent implies that the FedA) sold $1,000 in government bonds.B) sold $100 in government bonds.C) purchased $1,000 in government bonds.D) purchased $100 in government bonds.Answer: BAACSB: Analytical Thinking26) In the simple deposit expansion model, a decline in checkable deposits of $500 when the required reserve ratio is equal to 10 percent implies that the FedA) sold $500 in government bonds.B) sold $50 in government bonds.C) purchased $50 in government bonds.D) purchased $500 in government bonds.Answer: BAACSB: Analytical Thinking27) In the simple deposit expansion model, a decline in checkable deposits of $500 when the required reserve ratio is equal to 20 percent implies that the FedA) sold $250 in government bonds.B) sold $100 in government bonds.C) sold $50 in government bonds.D) purchased $100 in government bonds.Answer: BAACSB: Analytical Thinking28) If reserves in the banking system increase by $100, then checkable deposits will increase by $400 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.10.C) 0.20.D) 0.25.Answer: DAACSB: Analytical Thinking29) If reserves in the banking system increase by $100, then checkable deposits will increase by $667 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.05.C) 0.15.D) 0.20.Answer: CAACSB: Analytical Thinking30) If reserves in the banking system increase by $100, then checkable deposits will increase by $100 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.10.C) 0.20.D) 1.00.Answer: DAACSB: Analytical Thinking31) If reserves in the banking system increase by $100, then checkable deposits will increase by $2,000 in the simple model of deposit creation when the required reserve ratio isA) 0.01.B) 0.05.C) 0.10.D) 0.20.Answer: BAACSB: Analytical Thinking32) If reserves in the banking system increase by $200, then checkable deposits will increase by $500 in the simple model of deposit creation when the required reserve ratio isA) 0.04.B) 0.25.C) 0.40.D) 0.50.Answer: CAACSB: Analytical Thinkingreserve requirement is 20 percent, then the bank has actual reserves ofA) $16,000.B) $20,000.C) $26,000.D) $36,000.Answer: CAACSB: Analytical Thinking34) If a bank has excess reserves of $20,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has total reserves ofA) $16,000.B) $20,000.C) $26,000.D) $36,000.Answer: DAACSB: Analytical Thinking35) If a bank has excess reserves of $5,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has actual reserves ofA) $11,000.B) $20,000.C) $21,000.D) $26,000.Answer: CAACSB: Analytical Thinking36) If a bank has excess reserves of $15,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has total reserves ofA) $11,000.B) $21,000.C) $31,000.D) $41,000.Answer: CAACSB: Analytical Thinking37) If a bank has excess reserves of $4,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 15 percent, then the bank has actual reserves ofA) $17,000.B) $19,000.C) $24,000.D) $29,000.Answer: BAACSB: Analytical Thinkingreserve requirement is 10 percent, then the bank has actual reserves ofA) $14,000.B) $19,000.C) $24,000.D) $29,000.Answer: AAACSB: Analytical Thinking39) If a bank has excess reserves of $7,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 15 percent, then the bank has actual reserves ofA) $17,000.B) $22,000.C) $27,000.D) $29,000.Answer: BAACSB: Analytical Thinking40) If a bank has excess reserves of $7,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 10 percent, then the bank has actual reserves ofA) $14,000.B) $17,000.C) $22,000.D) $27,000.Answer: BAACSB: Analytical Thinking41) A bank has excess reserves of $6,000 and demand deposit liabilities of $100,000 when the required reserve ratio is 20 percent. If the reserve ratio is raised to 25 percent, the bank's excess reserves will beA) -$5,000.B) -$1,000.C) $1,000.D) $5,000.Answer: CAACSB: Analytical Thinking42) A bank has excess reserves of $4,000 and demand deposit liabilities of $100,000 when the required reserve ratio is 20 percent. If the reserve ratio is raised to 25 percent, the bank's excess reserves will beA) -$5,000.B) -$1,000.C) $1,000.D) $5,000.Answer: BAACSB: Analytical Thinking。

货币金融学课后习题答案货币金融学是一门研究货币、信用、银行以及金融市场运作机制的学科。

它不仅涉及到理论的学习，还包括对实际问题的分析和解决。

以下是一些货币金融学课后习题的答案，这些答案仅供参考，具体问题可能需要结合具体情境进行分析。

1. 货币的定义及其功能货币是一种普遍接受的交换媒介、价值尺度、价值储藏和支付手段。

它具有以下功能：交易媒介、价值尺度、价值储藏和支付手段。

2. 货币供应量的组成货币供应量通常分为M0、M1和M2。

M0是流通中的现金；M1是M0加上活期存款；M2是M1加上定期存款和其他短期存款。

3. 中央银行的作用中央银行是国家的货币当局，其主要作用包括制定和执行货币政策、监管金融机构、维护金融稳定、管理国家外汇储备等。

4. 货币政策工具货币政策工具主要包括公开市场操作、存款准备金率和再贴现率。

这些工具可以用来调节货币供应量，影响利率和信贷条件。

5. 利率的决定因素利率的决定因素包括货币的供求关系、预期通货膨胀率、中央银行的货币政策以及风险溢价等。

6. 金融市场的分类金融市场可以分为货币市场和资本市场。

货币市场交易短期金融工具，如国库券和商业票据；资本市场交易长期金融工具，如股票和债券。

7. 银行的资产负债表银行的资产负债表包括资产、负债和所有者权益。

资产主要包括现金、贷款和证券；负债主要包括存款和借款；所有者权益是银行的净资产。

8. 信用风险和市场风险信用风险是指借款人可能无法偿还债务的风险；市场风险是指由于市场条件变化导致资产价值下降的风险。

9. 金融衍生品的作用金融衍生品如期货、期权、掉期等，可以用来对冲风险、投机或投资。

10. 金融危机的原因和影响金融危机可能由多种因素引起，如资产泡沫、信贷过度扩张、监管不力等。

金融危机的影响包括信贷紧缩、资产价格下跌、经济衰退等。

请注意，这些答案仅提供了一些基本的概念和理论框架，实际的货币金融学问题可能更为复杂，需要结合具体的情况和数据进行分析。