Money BankingAnswer米什金 第八版.docx
- 文档编号:18593263
- 上传时间:2023-08-20
- 格式:DOCX
- 页数:36
- 大小:96.93KB
Money BankingAnswer米什金 第八版.docx
《Money BankingAnswer米什金 第八版.docx》由会员分享,可在线阅读,更多相关《Money BankingAnswer米什金 第八版.docx(36页珍藏版)》请在冰点文库上搜索。
MoneyBankingAnswer米什金第八版
Chapter1
WhyStudyMoney,Banking,andFinancialMarkets?
2.ThedatainFigures1,2,3,and4suggestthatrealoutput,theinflationrate,andinterestrateswouldallfail.
4.Youmightbemorelikelytobuyahouseoracarbecausethecostoffinancingthemwouldfall,oryoumightbelesslikelytosavebecauseyouearnlessonyoursavings.
6.No.Itistruethatpeoplewhoborrowtopurchaseahouseoracarareworseoffbecauseitcoststhemmoretofinancetheirpurchase;however,saversbenefitbecausetheycanearnhigherinterestratesontheirsavings.
7.Thebasicactivityofbanksistoacceptdepositsandmakeloans.
8.Theychannelfundsfrompeoplewhodonothaveaproductiveuseforthemtopeoplewhodo,therebyresultinginhighereconomicefficiency.
9.Theinterestrateonthree-monthTreasurybillsfluctuatesmorethantheotherinterestratesandisloweronaverage.TheinterestrateonBaacorporatebondsishigheronaveragethantheotherinterestrates.
10.Thelowerpriceforafirm’ssharesmeansthatitcanraiseasmalleramountoffunds,soinvestmentinfacilitiesandequipmentwillfall.
11.Higherstockpricesmeansthatconsumers’wealthishigher,andtheywillbemorelikelytoincreasetheirspending.
12.Itmakesforeigngoodsmoreexpensive,soBritishconsumerswillbuyfewerforeigngoodsandmoredomesticgoods.
13.ItmakesBritishgoodsmoreexpensiverelativetoAmericangoods.ThusAmericanbusinesseswillfinditeasiertoselltheirgoodsintheUnitedStatesandabroad,andthedemandfortheirproductswillrise.
14.Inthemid-tolate1970sandinthelate1980sandearly1990s,thevalueofthedollarwaslow,makingtravelabroadrelativelymoreexpensive;thusitwasagoodtimetovacationintheUnitedStatesandseetheGrandCanyon.Withtheriseinthedollar’svalueintheearly1980s,travelabroadbecamerelativelycheaper,makingitagoodtimetovisittheTowerofLondon.
15.Whenthedollarincreasesinvalue,foreigngoodsbecomelessexpensiverelativetoAmericangoods;thusyouaremorelikelytobuyFrench-madejeansthanAmerican-madejeans.TheresultingdropindemandforAmerican-madejeansbecauseofthestrongdollarhurtsAmericanjeansmanufacturers.Ontheotherhand,theAmericancompanythatimportsjeansintotheUnitedStatesnowfindsthatthedemandforitsproducthasrisen,soitisbetteroffwhenthedollarisstrong.
55
Chapter3
WhatIsMoney?
1.(b)
2.Becausetheorchardownerlikesonlybananasbutthebananagrowerdoesn’tlikeapples,thebananagrowerwillnotwantapplesinexchangeforhisbananas,andtheywillnottrade.Similarly,thechocolatierwillnotbewillingtotradewiththebananagrowerbecauseshedoesnotlikebananas.Theorchardownerwillnottradewiththechocolatierbecausehedoesn’tlikechocolate.Hence,ina
bartereconomy,tradeamongthesethreepeoplemaywellnottakeplace,becauseinnocaseisthereadoublecoincidenceofwants.However,ifmoneyisintroducedintotheeconomy,theorchardowner
cansellhisapplestothechocolatierandthenusethemoneytobuybananasfromthebananagrower.
Similarly,thebananagrowercanusethemoneyshereceivesfromtheorchardownertobuychocolate
fromthechocolatier,andthechocolatiercanusethemoneytobuyapplesfromtheorchardowner.Theresultisthattheneedforadoublecoincidenceofwantsiseliminated,andeveryoneisbetteroffbecauseallthreeproducersarenowabletoeatwhattheylikebest.
3.Cavemendidnotneedmoney.Intheirprimitiveeconomy,theydidnotspecializeinproducingonetypeofgoodandtheyhadlittleneedtotradewithothercavemen.
4.Becauseacheckwassomucheasiertotransportthangold,peoplewouldfrequentlyratherbepaidbycheckeveniftherewasapossibilitythatthecheckmightbounce.Inotherwords,thelowertransactionscostsinvolvedinhandlingchecksmadepeoplemorewillingtoacceptthem.
5.Wineismoredifficulttotransportthangoldandisalsomoreperishable.Goldisthusabetterstoreofvaluethanwineandalsoleadstolowertransactionscost.Itisthereforeabettercandidateforuseasmoney.
6.Becausemoneywaslosingvalueataslowerrate(theinflationratewaslower)inthe1950sthaninthe1970s,itwasthenabetterstoreofvalue,andyouwouldhavebeenwillingtoholdmoreofit.
7.Notnecessarily.Checkshavetheadvantageinthattheyprovideyouwithreceipts,areeasiertokeeptrackof,andmaymakeitharderforsomeonetostealmoneyoutofyouraccount.Theseadvantagesofchecksmayexplainwhythemovementtowardachecklesssocietyhasbeenverygradual.
8.Therankingfrommostliquidtoleastliquidis:
(a),(c),(e),(f),(b),and(d).
9.Moneylosesitsvalueatanextremelyrapidrateinhyperinflation,soyouwanttoholditforasshortatimeaspossible.Thusmoneyislikeahotpotatothatisquicklypassedfromonepersontoanother.
10.BecauseoftherapidinflationinBrazil,thedomesticcurrency,thereal,isapoorstoreofvalue.Thusmanypeoplewouldratherholddollars,whichareabetterstoreofvalue,andusethemintheirdailyshopping.
11.Notnecessarily.AlthoughthetotalamountofdebthaspredictedinflationandthebusinesscyclebetterthanM1orM2,itmaynotbeabetterpredictorinthefuture.Withoutsometheoreticalreasonforbelievingthatthetotalamountofdebtwillcontinuetopredictwellinthefuture,wemaynotwanttodefinemoneyasthetotalamountofdebt.
13.M1containsthemostliquidassets.M2isthelargestmeasure.
14.(a)M1andM2,(b)M2,(c)M2,(d)M1andM2.
15.Revisionsarenotaseriousproblemforlong-runmovementsofthemoneysupply,becauserevisionsforshort-run(one-month)movementstendtocancelout.Revisionsforlong-runmovements,suchasone-yeargrowthrates,arethustypicallyquitesmall.
Chapter19
TheDemandforMoney
1.Velocityisapproximately10in2004,11in2005,and12in2006.Therateofvelocitygrowthisapproximately10%peryear.
2.NominalGDPincreasesfrom$1trillionto$1.5trillion.
3.NominalGDPdeclinesbyapproximately10%.
4.Velocitywouldfallbecauseagreaterquantityofthemoneysupply(M)wouldbeneededtocarryoutthesameleveloftransactions(PY);PY/M=Vwouldthenfall.
5.Thepricelevelquadruples.
6.Thepriceleveldeclinesfrom2(=2,000/1,000)to1.5(=1,500/1,000).
7.Thetwolargestdeclinesareduringtherecessionin1920andtheGreatDepressionof1929–1933.
Thesedeclinessuggestthatvelocityisprocyclical—thatis,itrisesinbusinesscycleupturnsandfalls
inbusinesscycledownturns.ThedatainFigure1indicatethatitisnotreasonabletoassumethatdeclinesinthequantityofmoneycausedeclinesinaggregatespendingbecausewhenaggregatespendingdeclinesitcouldjustreflectthefactthatvelocitydeclinesatthattime.
9.Thedemandformoneywilldecrease.Peoplewouldbemorelikelytoexpectinterestratestofall
andthereforemorelikelytoexpectbondpricestorise.Theincreaseintheexpectedreturnonbondsrelativetomoneywillthenmeanthatpeoplewoulddemandlessmoney.
10.Becauseitindicatesthatmoneydemandandhencevelocityisaffectedbyinterestrates,andsinceinterestratesfluctuatealot,velocitywillaswell.Furthermore,astheanswertoProblem9suggests,changesinpeople’sexpectationsaboutwhatthenormallevelofinterestratesarewillcausemoneydemandandhencevelocitytofluctuate.Keynes’sanalysisofthespeculativedemandformoneythussuggeststhatvelocitywillbefarfromconstant;rather,itwillundergosubstantialfluctuations.
11.Moneybalancesshouldaverageone-halfofGrant’smonthlyincome,becausehewouldholdnobonds,becauseholdingthemwouldentailadditionalbrokeragecostsbutwouldnotprovidehimwithanyinterestincome.
12.Zero.Holdingbondsdoesnotleadtoanybrokeragecosts,buttheydopayinterest.Thusbondsareclearlypreferredtocash,whichpaysnointerest.Grantwillholdonlybonds,nocash.
13.True.Becausebondsareriskierthanmoney,risk-aversepeoplewouldbelikelytowanttoholdboth.
14.InKeynes’sview,ariseininterestratesleadstoalowerrelativeexpectedreturnofmoneyandhencealowerdemandformoney.InFriedman’sview,ariseininterestratesleadstoanincreaseintheimplicitinterestpaidoncheckabledeposits,sotherelativeexpectedreturnofmoneyonlyfallsby
asmallamount.Hence,inFriedman’sview,thedemandformoneychangeslittlewheninterest
ratesrise.
15.InKeynes’sview,velocityisunpredictablebecauseinterestrates,whichhavelargefluctuations,affectthedemandformoneyandhencevelocity.Inaddition,Keynes’sanalysissuggeststhatifpeople’sexpectationsofthenormallevelofinterestrateschange,thedemandformoneychanges.Keynesthoughtthattheseexpectationsmovedunpredictably,meaningthatmoneydemandandvelocityarealsounpredictable.Friedmanseesthedemandformoneyasstable,andbecausehealsobelievesthatchangesininterestrateshaveonlysmalleffectsonthedemandformoney,hispositionisthatthedemandformoney,andhencevelocity,ispredictable.
Chapter20
TheISLMModel
1.WhenDI=0,C=100;whenDI=400,C=460;whenDI=800,C=820;whenDI=1,200,
C=1,180.
2.Companiescutproductionwhentheirunplannedinventoryinvestmentisgreaterthanzero,becausetheyarethenproducingmorethantheycansell.Iftheycontinueatcurrentproduction,profitswillsufferbecausetheyarebuildingupunwantedinventory,whichiscostlytostoreandfinance.
3.(a)Equilibriumoutputof1,200occursattheintersectionofth
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- Money BankingAnswer米什金 第八版 BankingAnswer 米什金 第八
![提示](https://static.bingdoc.com/images/bang_tan.gif)