米什金 货币金融学 英文版习题答案chapter 17英文习题.docx
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米什金 货币金融学 英文版习题答案chapter 17英文习题.docx
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米什金货币金融学英文版习题答案chapter17英文习题
EconomicsofMoney,Banking,andFinancialMarkets,11e,GlobalEdition(Mishkin)
Chapter17TheConductofMonetaryPolicy:
StrategyandTactics
17.1ThePriceStabilityGoalandTheNominalAnchor
1)Themostcommondefinitionthatmonetarypolicymakersuseforpricestabilityis
A)lowandstabledeflation.
B)aninflationrateofzeropercent.
C)highandstableinflation.
D)lowandstableinflation.
Answer:
D
AACSB:
ReflectiveThinking
2)Inflationresultsin
A)easeofplanningforthefuture.
B)easeofcomparingpricesovertime.
C)lowernominalinterestrates.
D)difficultyinterpretingrelativepricemovements.
Answer:
D
AACSB:
ReflectiveThinking
3)Economistsbelievethatcountriesrecentlysufferinghyperinflationhaveexperienced
A)reducedgrowth.
B)increasedgrowth.
C)reducedprices.
D)lowerinterestrates.
Answer:
A
AACSB:
ReflectiveThinking
4)Anominalvariable,suchastheinflationrateorthemoneysupply,whichtiesdownthepriceleveltoachievepricestabilityiscalled________anchor.
A)anominal
B)areal
C)anoperating
D)anintermediate
Answer:
A
AACSB:
ReflectiveThinking
5)Acentralfeatureofmonetarypolicystrategiesinallcountriesistheuseofanominalvariablethatmonetarypolicymakersuseasanintermediatetargettoachieveanultimategoalsuchaspricestability.Suchavariableiscalledanominal
A)anchor.
B)benchmark.
C)tether.
D)guideline.
Answer:
A
AACSB:
ReflectiveThinking
6)Anominalanchorpromotespricestabilityby
A)outlawinginflation.
B)stabilizinginterestrates.
C)keepinginflationexpectationslow.
D)keepingeconomicgrowthlow.
Answer:
C
AACSB:
ReflectiveThinking
7)Monetarypolicyisconsideredtime-inconsistentbecause
A)ofthelagtimesassociatedwiththeimplementationofmonetarypolicyanditseffectontheeconomy.
B)policymakersaretemptedtopursuediscretionarypolicythatismorecontractionaryintheshortrun.
C)policymakersaretemptedtopursuediscretionarypolicythatismoreexpansionaryintheshortrun.
D)ofthelagtimesassociatedwiththerecognitionofapotentialeconomicproblemandtheimplementationofmonetarypolicy.
Answer:
C
AACSB:
ReflectiveThinking
8)Thetime-inconsistencyproblemwithmonetarypolicytellsusthat,ifpolicymakersusediscretionarypolicy,thereisahigherprobabilitythatthe________willbehigher,comparedtopolicymakersfollowingabehaviorrule.
A)inflationrate
B)unemploymentrate
C)interestrate
D)foreignexchangerate
Answer:
A
AACSB:
ReflectiveThinking
9)Thetheorythatmonetarypolicyconductedonadiscretionary,day-by-daybasisleadstopoorlong-runoutcomesisreferredtoasthe
A)adverseselectionproblem.
B)moralhazardproblem.
C)time-inconsistencyproblem.
D)nominal-anchorproblem.
Answer:
C
AACSB:
ReflectiveThinking
10)The________problemofdiscretionarypolicyarisesbecauseeconomicbehaviorisinfluencedbywhatfirmsandpeopleexpectthemonetaryauthoritiestodointhefuture.
A)moralhazard
B)time-inconsistency
C)nominal-anchor
D)rational-expectation
Answer:
B
AACSB:
Writtenandoralcommunication
11)Ifthecentralbankpursuesamonetarypolicythatismoreexpansionarythanwhatfirmsandpeopleexpect,thenthecentralbankmustbetryingto
A)boostoutputintheshortrun.
B)constrainoutputintheshortrun.
C)constrainprices.
D)boostpricesintheshortrun.
Answer:
A
AACSB:
ReflectiveThinking
12)Thetime-inconsistencyprobleminmonetarypolicycanoccurwhenthecentralbankconductspolicy
A)usinganominalanchor.
B)usingastrictandinflexiblerule.
C)onadiscretionary,day-by-daybasis.
D)usingaflexible,discretionaryrule.
Answer:
C
AACSB:
ReflectiveThinking
13)Explainthetime-inconsistencyproblem.Whatisthelikelyoutcomeofdiscretionarypolicy?
Whatarethesolutionstothetime-inconsistencyproblem?
Answer:
Withpolicydiscretion,policymakershaveanincentivetoattempttoincreaseoutputbypursuingexpansionarypoliciesonceexpectationsareset.Theproblemisthatthispolicyresultsnotinhigheroutput,butinhigheractualandexpectedinflation.Thesolutionistoadoptaruletoconstraindiscretion.Nominalanchorscanprovidethenecessaryconstraintondiscretionarybehavior.
AACSB:
ReflectiveThinking
17.2OtherGoalsofMonetaryPolicy
1)EveniftheFedcouldcompletelycontrolthemoneysupply,monetarypolicywouldhavecriticsbecause
A)theFedisaskedtoachievemanygoals,someofwhichareincompatiblewithothers.
B)theFed'sgoalsdonotincludehighemployment,makinglaborunionsacriticoftheFed.
C)theFed'sprimarygoalisexchangeratestability,causingittoignoredomesticeconomicconditions.
D)itisrequiredtokeepTreasurysecuritypriceshigh.
Answer:
A
AACSB:
Writtenandoralcommunication
2)Highunemploymentisundesirablebecauseit
A)resultsinalossofoutput.
B)alwaysincreasesinflation.
C)alwaysincreasesinterestrates.
D)reducesidleresources.
Answer:
A
AACSB:
ReflectiveThinking
3)Whenworkersvoluntarilyleaveworkwhiletheylookforbetterjobs,theresultingunemploymentiscalled
A)structuralunemployment.
B)frictionalunemployment.
C)cyclicalunemployment.
D)underemployment.
Answer:
B
AACSB:
ReflectiveThinking
4)Unemploymentresultingfromamismatchofworkers'skillsandjobrequirementsiscalled
A)frictionalunemployment.
B)structuralunemployment.
C)seasonalunemployment.
D)cyclicalunemployment.
Answer:
B
AACSB:
ReflectiveThinking
5)Thegoalforhighemploymentshouldbealevelofunemploymentatwhichthedemandforlaborequalsthesupplyoflabor.Economistscallthislevelofunemploymentthe
A)frictionallevelofunemployment.
B)structurallevelofunemployment.
C)naturalratelevelofunemployment.
D)Keynesianratelevelofunemployment.
Answer:
C
AACSB:
ReflectiveThinking
6)Supply-sideeconomicpoliciesseekto
A)raiseinterestratesthroughcontractionarymonetarypolicy.
B)increasefederalgovernmentexpenditures.
C)increaseconsumptionexpendituresbyincreasingtaxes.
D)increasesavingandinvestmentusingtaxincentives.
Answer:
D
AACSB:
ReflectiveThinking
7)TheFederalReserveSystemwascreatedto
A)makeiteasiertofinancebudgetdeficits.
B)promotefinancialmarketstability.
C)lowertheunemploymentrate.
D)promoterapideconomicgrowth.
Answer:
B
AACSB:
ReflectiveThinking
8)Havinginterestratestability
A)allowsforlessuncertaintyaboutfutureplanning.
B)leadstodemandstocurtailtheFed'spower.
C)guaranteesfullemployment.
D)leadstoproblemsinfinancialmarkets.
Answer:
A
AACSB:
ReflectiveThinking
9)Foreignexchangeratestabilityisimportantbecauseadeclineinthevalueofthedomesticcurrencywill________theinflationrate,andanincreaseinthevalueofthedomesticcurrencymakesdomesticindustries________competitivewithcompetingforeignindustries.
A)increase;more
B)increase;less
C)decrease;more
D)decrease;less
Answer:
B
AACSB:
ReflectiveThinking
17.3ShouldPriceStabilitybethePrimaryGoalofMonetaryPolicy?
1)Whichsetofgoalscan,attimes,conflictintheshortrun?
A)highemploymentandeconomicgrowth
B)interestratestabilityandfinancialmarketstability
C)highemploymentandpricelevelstability
D)exchangeratestabilityandfinancialmarketstability
Answer:
C
AACSB:
ReflectiveThinking
2)TheprimarygoaloftheEuropeanCentralBankis
A)pricestability.
B)exchangeratestability.
C)interestratestability.
D)highemployment.
Answer:
A
AACSB:
ReflectiveThinking
3)ThemandateforthemonetarypolicygoalsthathasbeengiventotheEuropeanCentralBankisanexampleofa________mandate.
A)primary
B)dual
C)secondary
D)hierarchical
Answer:
D
AACSB:
ReflectiveThinking
4)ThemandateforthemonetarypolicygoalsthathasbeengiventotheFederalReserveSystemisanexampleofa________mandate.
A)primary
B)dual
C)secondary
D)hierarchical
Answer:
B
AACSB:
ReflectiveThinking
5)Eitheradualorhierarchialmandateisacceptableaslongas________istheprimarygoalinthe________.
A)pricestability;shortrun
B)pricestability;longrun
C)reducingbusiness-cyclefluctuations;shortrun
D)reducingbusiness-cyclefluctuations;longrun
Answer:
B
AACSB:
ReflectiveThinking
17.4InflationTargeting
1)ThetypeofmonetarypolicythatisusedinCanada,NewZealand,andtheUnitedKingdomis
A)monetarytargeting.
B)inflationtargeting.
C)targetingwithanimplicitnominalanchor.
D)interest-ratetargeting.
Answer:
B
AACSB:
ReflectiveThinking
2)Whichofthefollowingisnotanelementofinflationtargeting?
A)apublicannouncementofmedium-termnumericaltargetsforinflation
B)aninstitutionalcommitmenttopricestabilityastheprimarylong-rungoal
C)aninformation-inclusiveapproachinwhichonlymonetaryaggregatesareusedinmakingdecisionsaboutmonetarypolicy
D)increasedaccountabilityofthecentralbankforattainingitsinflationobjectives
Answer:
C
AACSB:
ReflectiveThinking
3)Thefirstcountrytoadoptinflationtargetingwas
A)theUnitedKingdom.
B)Canada.
C)NewZealand.
D)Australia.
Answer:
C
AACSB:
ReflectiveThinking
4)InbothNewZealandandCanada,whathashappenedtotheunemploymentratesincethecountriesadoptedinflationtargeting?
A)Theunemploymentrateincreasedsharply.
B)Theunemploymentrateremainedconstant.
C)Theunemploymentratehasdeclinedsubstantiallyafterasharpincrease.
D)Theunemploymentratedeclinedsharplyimmediatelyaftertheinflationtargetswereadopted.
Answer:
C
AACSB:
ReflectiveThinking
5)Whichofthefollowingisnotanadvantage
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