国际经济学316754TB14文档格式.docx
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国际经济学316754TB14文档格式.docx
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1 EssayQuestions
1.Whatarethemainfunctionsofmoney?
Answer:
Moneyservesingeneralthreeimportantfunctions:
amediumofexchange;
aunitofaccount;
andastoreofvalue.Asamediumofexchange,moneyavoidsgoingbacktoabartereconomy,withtheenormoussearchcostsconnectedwithit.Asaunitofaccount,theuseofmoneyeconomizesonthenumberofpricesanindividualfaces.ConsideraneconomywithNgoods,thenoneneedsonly(N–1)prices.Asastoreofvalue,theuseofmoneyingeneralensuresthatyoucantransferwealthbetweenperiods.
2.Whatarethefactorsthatdeterminetheamountofmoneyanindividualdesirestohold?
Threemainfactors:
first,theexpectedreturntheassetofferscomparedwiththereturnsofferedbyotherassets;
second,theriskinessoftheasset’sexpectedreturn;
andthird,theasset’sliquidity.
3.Whatarethemainfactorsdeterminingtheaggregatemoneydemand?
interestrate,thepricelevelandrealnationalincome.Ariseintheinterestratecauseseachindividualintheeconomytoreduceherdemandformoney.Ifthepricelevelrises,individualhouseholdsandfirmswillspendmoremoneythanbefore.Whenrealnationalincome(GNP)risesthedemandformoneywillrise.
4.Explainwhyonecanwritethedemandformoneyasfollows:
MdPL(R,Y)
Theaggregatemoneydemandisproportionaltothepricelevel.Imaginethatallpricesinaneconomydoubled,buttheinterestrateandeveryone’srealincomesremainedunchanged.Then,themoneyvalueofeachindividual’saveragedailytransactionswouldthensimplydouble,aswouldtheamountofmoneyeachwishestohold.
5.Whatwillbetheeffectsofanincreaseinthemoneysupplyontheinterestrate?
Anincreaseinthemoneysupplywillcauseinterestratetodecrease.Thisshouldincreaseinvestmentandpossiblyconsumptionofdurablegoods.Thereductionintheinterestratewillcauseadepreciationofthedollar.
6.Whatwillbetheeffectsofanincreaseinrealnationalincomeontheinterestrate?
Anincreaseinrealnationalincomewillincreasetheinterestrate.Ifinvestmentdependsonlyoninterestrate,thiswillcauseinvestmenttogodown.Theincreasesinterestratewillcauseanappreciationofthedollar.
7.AnalyzetheeffectsofanincreaseintheEuropeanmoneysupplyonthedollar/euroexchangerate.
Themainpointsare:
AnincreaseintheEuropeanmoneysupplywillreducetheinterestrateontheeuro,andthuscausestheeurotodepreciatesagainstthedollar.TheU.S.moneydemandandmoneysupplyarenotgoingtobeaffected,andthustheinterestrateintheU.S.willremainthesame.
8.Explainhowthemoneymarketsoftwocountriesarelinkedthroughtheforeignexchangemarket.
ThemonetarypolicyactionsbytheFedaffecttheU.S.interestrate,changingthedollar/euroexchangeratethatclearstheforeignexchangemarket.TheEuropeanSystemofCentralBanks(ESCB)canaffecttheexchangeratebychangingtheEuropeanmoneysupplyandinterestrate.
9.“Althoughthepricelevelsappeartodisplayshort-runstickinessinmanycountries,achangeinthemoneysupplycreatesimmediatedemandandcostpressuresthateventuallyleadtofutureincreaseinthepricelevel.”Discuss.
(Seepages3479–380).Thestatementistrue.Thepressurescomefromthreemainsources:
excessdemandforoutputandlabor;
inflationaryexpectations;
and,rawmaterialprices.
10.ExplaintheeffectsofapermanentincreaseintheU.S.moneysupplyintheshortrunandinthelongrun.AssumethattheU.S.realnationalincomeisconstant.
Anincreaseinthenominalmoneysupplyraisestherealmoneysupply,loweringtheinterestrateintheshortrun.Themoneysupplyincreaseisconsideredtocontinueinthefuture;
thus,itwillaffecttheexchangerateexpectations.Thiswillmaketheexpectedreturnontheeuromoredesirableandthusthedollardepreciates.InthecaseofapermanentincreaseintheU.S.moneysupply,thedollardepreciatesmorethanunderatemporaryincreaseinthemoneysupply.
Now,inthelongrun,priceswillriseuntiltherealmoneybalancesarethesameasbeforethepermanentincreaseinthemoneysupply.Sincetheoutputlevelisgiven,theU.S.interestrate,whichdecreasedbefore,willstarttoincrease,untilitwillmovebacktoitsoriginallevel.Theequilibriuminterestratemustbethesameasitsoriginallongrunvalue.Thisincreaseintheinterestratemustcausethedollartoappreciateagainsttheeuroafteritssharpdepreciationasaresultofthepermanentincreaseinthemoneysupply.Soalargedepreciationisfollowedbyanappreciationofthedollar.Eventually,thedollardepreciatesinproportiontotheincreaseinthepricelevel,whichinturnincreas
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