貨幣銀行學(xué)092期末試卷（A卷）江西財(cái)經(jīng)大學(xué)09－10學(xué)年第二學(xué)期期末考試試卷試卷代碼：12423A授課課時(shí)：48課時(shí)課程名稱：貨幣銀行學(xué)適用對(duì)象：國(guó)際學(xué)院學(xué)生試卷命題人李靜試卷審核人王耀德PartI.Thisparthas20MultipleChoiceQuestionsandeachoneisworth1points.Thetotalpointsforthispartare20points.Pleasechooseonlyoneanswerforeachquestion.1)Moneysupplymodelstendtofocusonthemonetarybaseratherthanonreservessince(a)Fedactionshavenoeffectonreservesbuthaveapredictableeffectonthemonetarybase.(b)Fedactionsingeneralhavelittleeffectonreservesbuthaveapredictableeffectonthemonetarybase.(c)Fedactionshaveamorepredictableeffectonthemonetarybase.(d)noneoftheabove.2)Thepriceofafuturescontractattheexpirationdateofthecontract(a)equalsthepriceoftheunderlyingasset.(b)equalsthepriceofthecounterparty.(c)equalsthehedgeposition.(d)equalsthevalueofthehedgedasset.3)Iftheliquidityeffectislargerthantheothereffects,anincreaseinmoneygrowthwill(a)lowerinterestrates.(b)raiseinterestrates.(c)causeinterestratestoriseinitiallybutthenfallbelowtheinitiallevel.(d)causeinterestratestofallinitiallybutthenriseabovetheinitiallevel.4)Depositinsurance(a)attractsrisk-proneentrepreneurstothebankingindustry.(b)encouragesbankmanagerstotakeongreaterrisksthantheyotherwisewould.(c)reducestheincentivesofdepositorstomonitortheriskinessoftheirbanks’assetportfolios.(d)doesalloftheabove.5)The_____arethecostsassociatedwithdepositoutflows,the_____excessreservesbankswillwanttohold.(a)lower;more(b)higher;less(c)higher;more(d)Noneoftheabove,sincedepositoutflowscannotbeanticipated.6)Theformulalinkingthemoneysupplytothemonetarybaseis(a)M＝m＋MB..(b)M＝m×MB.(c)m＝M×MB.(d)MB＝M×m.7)Ifinterestratesareexpectedtofallinthefuture,thedemandforlong-termbondstoday_____andthedemandcurveshiftstothe_____.(a)rises;right(b)rises;left(c)falls;right(d)falls;left8)Moneyisdefinedas(a)billsofexchange.(b)anythingthatisgenerallyacceptedinpaymentforgoodsandservicesorintherepaymentofdebt.(c)arisk-freerepositoryofspendingpower.(d)theunrecognizedliabilityofgovernments.9)Federalreserveassetsinclude(a)governmentsecurities.(b)bankreserves.(c)currencyincirculation.(d)alloftheabove.10)Usingtheone-periodvaluationmodel,assumingayear-enddividendof$0.50,anexpectedsalespriceof$50,andarequiredrateofreturnof10%,thecurrentpriceofthestockwouldbe(a)$50.50.(b)$50.00.(c)$45.91.(d)$45.00.11)Ifwealthdecreases,thedemandforcommonstocks_____andthatoflong-termbonds_____.(a)increases;increases(b)increases;decreases(c)decreases;decreases(d)decreases;increases12)TheFedusesthreepolicytoolstomanipulatethemoneysupply:openmarketoperations,whichaffectthe_____;changesindiscountlending,whichaffectthe_____byinfluencingthequantityofdiscountloans;andchangesinreserverequirements,whichaffectthe_____.(a)moneymultiplier;monetarybase;monetarybase(b)monetarybase;moneymultiplier;monetarybase(c)monetarybase;monetarybase;moneymultiplier(d)moneymultiplier;moneymultiplier;monetarybase13)Whichofthefollowingstatementsaretrue?a)Abank’sassetsareitssourcesoffunds.b)Abank’sliabilitiesareitsusesoffunds.c)Abank’sbalancesheetshowsthattotalassetsequaltotalliabilitiesplusequitycapital.d)Eachoftheabove.14)TheobjectivesoftheFederalReserveinitsconductofmonetarypolicyincludea)economicgrowth.b)pricestability.c)highemployment.d)alloftheabove.15)Whichofthefollowingisnotoneoftheeightbasicpuzzlesaboutfinancialstructure?a)Thefinancialsystemisamongthemostheavilyregulatedsectorsoftheeconomy.b)Issuingmarketablesecuritiesistheprimarywaybusinessesfinancetheiroperations.c)Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.d)Banksarethemostimportantsourceofexternalfundstofinancebusinesses.16)Becauseitisamediumofexchange,moneya）discouragesspecializationandthedivisionoflabor.b)reducestransactioncosts.c)isnotallowedtoearninterest.d)doesonly(b)and(c)oftheabove.17)Whichofthefollowinglong-termbondscurrentlyhasthelowestinterestrate?a)CorporateAaabondsb)U.S.Treasurybondsc)CorporateAabondsd)CorporateBaabonds18)Holdingtheexpectedreturnonbondsconstant,anincreaseintheexpectedreturnoncommonstockswould_____thedemandforbonds,shiftingthedemandcurvetothe_____.a)decrease;leftb)decrease;rightc)increase;leftd)increase;right19)Ifasecuritypays$110nextyearand$121theyearafterthat,whatisitsyieldtomaturityifitsellsfor$200?a)9percentb)10percentc)11percentd)12percent20)Disadvantagesofusingreserverequirementstocontrolthemoneysupplyandinterestratesincludea)theiroverly-powerfulimpactonthemoneysupply.b)creatingpotentiallendingproblemsforbankswithhighlevelsofexcessreserves.c)theiroverly-powerfulimpactonreservesandthemonetarybase.d)alloftheabove.PartⅡ.Thisparthas10TrueofFalseQuestionsandeachoneisworth1points.Thetotalpointsforthispartare10points.1Ifreserverequirementwereelimininated,itwouldbehardertocontrolinterestrates.2Thebasicactivityofbanksistoacceptdepositsandmakeloans.3Asamediumofexchangeiswhatdistinguishesmoneyfromotherassets.4Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.5Ifbondsofdifferentmaturitiesareclosesubstitutes,theirinterestratesaremorelikelytomovetogether.6Anefficientmarketisoneinwhichnooneeverprofitsfromhavingbetterinformationthantherest.7Theincomeeffectofanincreaseinthemoneysupplyisadecreaseininterestratesinresponsetothehigherlevelofincome.8Stocksarenotthemostimportantsourceofexternalfinancialforbusinesses.9Abankmaintainsbankcapitaltolessenthechancethatitwillbecomeinsolvent.10Ifthedemandformoneydidnotfluctuate,theFedcouldpursuebothamoneysupplytargetandaninterest-ratetargetatthesametime.PartⅢ.Thisparthas4KeyTermsQuestionsandeachoneisworth2.5points.Thetotalpointsforthispartare10points.Pleaseexplainbrieflyforeachkeyterm.1Discountwindow2MoneyMultiplier3Termstructureofinterestrates4LiquidityPartⅣ.Thisparthas5EssayQuestionsandeachoneisworth12points.Thetotalpointsforthispartare60points.(Pleasewritedownyouranswersasclearlyaspossible.IfIcan’treadyourhand-writing,Ineverassumeyouranswersareright)1Explainthecompleteformulaforthemoneysupply,andexplainhowchangesinrequiredreserves,excessreserves,thecurrencyratio,thenonborrowedbase,anddiscountborrowingaffectthemoneysupply.2Whyhasthedevelopmentofovernightloanmarketsmadeitmorelikelythatbankswillholdfewerexcessreserves?3Assumethatnobanksholdexcessreserves,andthepublicholdsnocurrency.Ifabanksellsa$100securitytotheFed,show,usingT-accounts,whathappenstothisbankandtwoadditionalstepsinthedepositexpansionprocess,assuminga10%reserverequirement.Howmuchdodepositsandloansincreaseforthebankingsystemwhentheprocessiscompleted?4DuringPreside