货币银行练习题chap12 Transmission Mechanisms of Monetary Policy.docx

货币银行练习题chap12 Transmission Mechanisms of Monetary Policy.docx

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货币银行练习题chap12TransmissionMechanismsofMonetaryPolicy

TheEconomicsofMoney,Banking,andFinancialMarkets,9e（Mishkin）

Chapter23TransmissionMechanismsofMonetaryPolicy:

TheEvidence

23.1FrameworkforEvaluatingEmpiricalEvidence

1）Evidencethatexamineswhetheronevariablehasaneffectonanotherbysimplylookingdirectlyattherelationshipbetweenthetwovariablesis

A）reduced-formevidence.

B）organizational-modelevidence.

C）direct-modelevidence.

D）structural-modelevidence.

Answer:

A

QuesStatus:

PreviousEdition

2）Evidencethatisbasedonavariablehavingitseffectonanothervariablethroughchannelsratherthanadirecteffectisknownas

A）indirect-modelevidence.

B）organizational-modelevidence.

C）reduced-formevidence.

D）structural-modelevidence.

Answer:

D

QuesStatus:

PreviousEdition

3）Ontheeveningnewsyouhearofascientificstudythatdirectlylinksprematurebirthstocigarettesmoking.Thisisanexampleof

A）direct-modelevidence.

B）informedvoter-modelevidence.

C）structural-modelevidence.

D）reduced-formevidence.

Answer:

D

QuesStatus:

PreviousEdition

4）Themonetarist-KeynesiandebateontheimportanceofmonetarypolicyisunresolvedbecausemonetaristsandKeynesiansfocusontwodifferenttypesofevidencethatgenerateconflictingconclusions.Monetariststendtofocuson

A）structural-modelevidence,whileKeynesiansfocusonreduced-formevidence.

B）reduced-formevidence,whileKeynesiansfocusonstructural-modelevidence.

C）reduced-formevidence,whileKeynesiansfocusondirect-modelevidence.

D）structural-modelevidence,whileKeynesiansfocusondirect-modelevidence.

Answer:

B

QuesStatus:

PreviousEdition

5）Thechannelsthroughwhichmonetarypolicyaffectseconomicactivityarecalledthe________ofmonetarypolicy.

A）transmissionmechanisms

B）flowmechanisms

C）distributionmechanisms

D）allocationalmechanisms

Answer:

A

QuesStatus:

PreviousEdition

6）Amodelthatiscomposedofmanyequationsthatshowthechannelsthroughwhichmonetaryandfiscalpolicyaffectaggregateoutputandspendingiscalleda

A）reduced-formmodel.

B）median-votermodel.

C）informedmedian-votermodel.

D）structuralmodel.

Answer:

D

QuesStatus:

PreviousEdition

7）Monetaristsdirectlystudythelinkbetweenmoneyandeconomicactivityusing

A）structuralmodels.

B）reduced-formmodels.

C）scientificmodels.

D）experimentalmodels.

Answer:

B

QuesStatus:

PreviousEdition

8）Themonetaristreduced-formevidencedoesnotspecifytheworkingoftheeconomyandthusisconsideredtobea

A）scientificmodel.

B）openmodel.

C）blackbox.

D）blackhole.

Answer:

C

QuesStatus:

PreviousEdition

9）Whichofthefollowingisnotanadvantageofacorrectlyspecifiedstructuralmodel?

A）Structuralmodelsmayhelpustomoreaccuratelypredicttheeffectthatmonetarypolicyhasoneconomicactivity.

B）Astructuralmodelprovidesmorepiecesofevidenceaboutmonetarypolicy'seffectoneconomicactivity.

C）Structuralmodelsmayalloweconomiststomoreaccuratelypredicttheimpactinstitutionalchangeshaveonthelinkbetweenmonetarypolicyandincome.

D）Astructuralmodelimposesnorestrictionsonthewaymonetarypolicyaffectstheeconomy.

Answer:

D

QuesStatus:

PreviousEdition

10）Predictingtheimpactofinstitutionalchangeontheeffectivenessofmonetarypolicyisbestdonewitha

A）structuralmodel.

B）reduced-formmodel.

C）black-boxmodel.

D）scientificmodel.

Answer:

A

QuesStatus:

PreviousEdition

11）ThemonetaristscomplainedthatearlyKeynesianstructuralmodelstendedtoignoretheimpactofmonetarypolicychangeson

A）interestrates.

B）investmentspending.

C）consumptionspending.

D）capitalgoodsspending.

Answer:

C

QuesStatus:

PreviousEdition

12）MonetaristscontendthatthechannelsofmonetaryinfluenceinKeynesianstructuralmodelsaretoo________defined,________theimportanceofmonetarypolicy.

A）broadly;exaggerating

B）broadly;understating

C）narrowly;understating

D）narrowly;exaggerating

Answer:

C

QuesStatus:

PreviousEdition

13）Monetaristsclaimthat________modelsignoreimportanttransmissionmechanismsandtherefore________theimportanceoftheeffectsofmonetarypolicyontheeconomy.

A）structural;overstate

B）reduced-form;overstate

C）reduced-form;understate

D）structural;understate

Answer:

D

QuesStatus:

PreviousEdition

14）Monetaristsassertthatmonetarypolicymayaffectaggregatedemandthrough

A）onlyaninterestratechannel.

B）onlyanexchangeratechannel.

C）onlytwochannels:

interestratesandexchangerates.

D）manychannels.

Answer:

D

QuesStatus:

PreviousEdition

15）Iftheparticularchannelsthroughwhichchangesinthemoneysupplyaffectaggregateincomearediverseandcontinuallychanging,thebestevidenceofmonetarypolicy'seffectislikelytocomefrom

A）reduced-formmodels.

B）structuralmodels.

C）median-votermodels.

D）indirectmodels.

Answer:

A

QuesStatus:

PreviousEdition

16）Monetarists'preferenceforreduced-formmodelsisbasedontheirbeliefthat

A）reversecausationisaproblem.

B）structuralmodelsmayunderstatemoney'seffectoneconomicactivity.

C）moneysupplychangesarealwaysendogenous.

D）monetarypolicyaffectsonlyinvestmentspending.

Answer:

B

QuesStatus:

PreviousEdition

17）WhenKeynesiansarguethat"correlationdoesnotnecessarilyimplycausation,"theyareprobablycriticizing

A）structural-modelevidence.

B）reduced-formevidence.

C）indirect-modelevidence.

D）black-boxevidence.

Answer:

B

QuesStatus:

PreviousEdition

18）Reversecausationbetweenmoneyandaggregateoutputislikelytobeaproblemwhenacentralbanktargets

A）amonetaryaggregate.

B）aninterestrate.

C）theexchangerate.

D）theinflationrate.

Answer:

B

QuesStatus:

PreviousEdition

19）Withregardtoaggregatedemand,earlyKeynesianstendedtobelievethat

A）monetarypolicymatteredmost.

B）monetarypolicywasallthatmattered.

C）monetarypolicymattered.

D）monetarypolicydidnotmatter.

Answer:

D

QuesStatus:

PreviousEdition

20）The________heldtheviewthatmonetarypolicydoesnotmatteratallformovementsinaggregateoutput.

A）newKeynesianeconomists

B）earlyKeynesians

C）earlymonetarists

D）earlyclassicaleconomists

Answer:

B

QuesStatus:

PreviousEdition

21）EarlyKeynesiansfeltthat________policywas________,sotheystressedtheimportanceof________policy.

A）fiscal;ineffective;monetary

B）monetary;ineffective;fiscal

C）monetary;potent;monetary

D）fiscal;toopotent;monetary

Answer:

B

QuesStatus:

PreviousEdition

22）EarlyKeynesiansbelievedthat________interestratesduringtheGreatDepressionindicatedthatmonetarypolicyhadbeen________.

A）high;contractionary

B）high;expansionary

C）low;contractionary

D）low;expansionary

Answer:

D

QuesStatus:

PreviousEdition

23）EarlyKeynesiansviewedmonetarypolicyasinfluencingaggregatedemandsolelythroughitsimpacton________interestrates,which,inturn,affect________spending.

A）nominal;consumer

B）nominal;investment

C）real;consumer

D）real;investment

Answer:

B

QuesStatus:

PreviousEdition

24）EarlyKeynesiansbelievedthat________interestratesduringtheGreatDepressionindicatedthatmonetarypolicywas________.

A）high;easy

B）high;tight

C）low;easy

D）low;tight

Answer:

C

QuesStatus:

PreviousEdition

25）EarlyKeynesiansbelievedthatlow________duringtheGreatDepressionindicatedthat________policywaseasy.

A）moneygrowth;fiscal

B）moneygrowth;monetary

C）interestrates;fiscal

D）interestrates;monetary

Answer:

D

QuesStatus:

PreviousEdition

26）EarlyKeynesiansconcludedthatchangesinmonetarypolicyhadnoimpactonaggregateoutputbecauseearlyempiricalstudiesfoundnolinkagebetweenmovementsin________and________.

A）nominalinterestrates;investmentspending

B）realinterestrates;investmentspending

C）moneysupply;aggregateoutput

D）investmentspending;aggregateoutput

Answer:

A

QuesStatus:

PreviousEdition

27）InresponsetotheearlyKeynesians,monetaristscontendedthat

A）monetarypolicyduringtheGreatDepressionwasnoteasy.

B）bankfailuresduringtheGreatDepressionwerenotthecauseofthedeclineinthemoneysupply.

C）evidencefromtheGreatDepressiondemonstratedtheineffectivenessofmonetarypolicy.

D）thereisaweaklinkbetweeninterestratesandinvestmentspending.

Answer:

A

QuesStatus:

PreviousEdition

28）MiltonFriedmanandAnnaSchwartzshowedthatmonetarypolicyduringtheGreatDepressionhad

A）beenquiteinflationary.

B）neverbeenmorecontractionary.

C）beenmoreexpansionarythaninthe1920s.

D）beenessentiallyneutral.

Answer:

B

QuesStatus:

PreviousEdition

29）Bythestandardoflow-gradebonds,interestrateswere________andmonetarypolicywas________duringtheGreatDepression.

A）low;tight

B）low;easy

C）high;tight

D）high;easy

Answer:

C

QuesStatus:

PreviousEdition

30）DuringtheGreatDepression,realinterestrates

A）rosetounprecedentedlyhighlevels.

B）roseonlyslightlyabovethelong-runtrend.

C）felltounprecedentedlylowlevels.

D）fellonlyslightlybelowthelong-runtrend.

Answer:

A

QuesStatus:

PreviousEdition

31）Movementsof________interestratesindicatethat,contrarytotheearlyKeynesians'beliefs,monetarypolicywas________duringtheGreatDepression.

A）nominal;tight

B）nominal;easy

C）real;tight

D）real;easy

Answer:

C

QuesStatus:

PreviousEdition

32）Movementsofrealinterestratesindicatethat,contrarytotheearlyKeynesians'beliefs,________policywas________duringtheGreatDepression.

A）fiscal;tight

B）fiscal;easy

C）monetary;tight

D）mon