365文库
登录
注册
福利来袭，限时免费在线编辑
转Pdf
下载我编辑的
下载原始文档
收藏
抹忆
上传于：2024-09-25
11TheassumptionsofthetraditionalapproachestoexchangerateandbalanceofpaymentsdeterminationreflectthefactthattheyweredevelopedduringthetimeofthegoldstandardandtheearlyBretton8Theelasticitiesapproachemphasizestheeffectsofchangesinindeterminingtheofbalanceofpaymentsandtheexchangeratethepricesofgoods9Accordingtotheelasticitiesapproachtheelasticitiesoftheimportdemandandexportsupplycurvesdeterminehowmuchthequantityofimportsdemandedandthequantityofexportssuppliedwillchangeinresponsetoachangeintheexchangerate11TheMarshallLernerconditionholdswhenthesumoftheabsolutevaluesoftheelasticitiesofimportdemandandexportssupplyexceedone13AphenomenoninwhichadepreciationofthedomesticcurrencycausesanationsbalanceofpaymentstoworsenbeforeitimprovesiscalledtheJcurveeffect18Theabsorptionapproachtoexchangerateandbalanceofpaymentsdeterminationisbasedon2thedifferencebetweenrealincomeandabsorptionlevels19WhichofthefollowingisnotincludedinanationsexpendituresExports20DomesticabsorptionincludesexpendituresonfinalgoodsandservicesinwhichfourbasiccategoriesConsumptioninvestmentgovernmentandimports22Anationisrunningacurrentaccountdeficitifexportsarelessthanimportsandrealincomeislessthanabsorption23Thedifferencebetweenrealincomeandabsorptionisequaltothecurrentaccount24DevaluationofthedomesticcurrencywillinduceAexpenditureswitching1WhichofthefollowingisnottrueaboutanationssimplifiedmonetarybaseCItisthesumofforeignexchangereservesandtotalbankreserves36ThemethodthattheFedoftenusesinordertooffsetaforeignexchangeinterventionisBanopenmarkettransaction11WhenthedomesticpricelevelisequaltothespotexchangeratetimestheforeignpricelevelthenAabsolutepurchasingpowerparityholds13Underafixedexchangeratetheadditionalpurchaseofforeigngoodswillgenerateabalanceofpaymentsdeficitwithnochangeintheexchangerate14UnderaflexibleexchangeratetheadditionalpurchaseofforeigngoodswillgenerateDadepreciationofthedomesticcurrencywithnochangeinthebalanceofpayments16AccordingtothemonetaryapproachunderafixedexchangerateafallindomesticrealincomewillresultinaBbalanceofpaymentsdeficit17AccordingtothemonetaryapproachunderaflexibleexchangeratearrangementariseindomesticcreditwillresultinCadepreciationofthedomesticcurrency421ThesimplemodeloftheportfolioapproachassumeshouseholdschoosetoholdtheirwealthinAmoneydomesticbondsorforeignbonds22Theportfolioapproachpostulatesthatunderfloatingexchangeratesadeclineinthedomesticinterestrateresultsinadepreciationofthedomesticcurrency25Accordingtothemonetaryapproachfullysterilizedforeigninterventionisineffective27AcentralbanksterilizesitsforeignexchangeinterventionsinordertoDpreventitsforeignexchangeinterventionsfrominfluencingthedomesticmoneysupply3SupposethemeasureofrealGDPinagivenyearis8billionIfweknowthatconsumptionspendingwas55billiongovernmentspendingwas15billionexportswere1billionandimportswere12billionwhatwasthevalueofinvestmentspendinginthisyearC12billion8SupposethatthevalueoftheGDPdeflatoris2realGDPis100billionandconsumptionspendingis60billionWhatisthevalueofnominalGDP2005billion17WhichofthefollowingrelationshipsisnotaresultofthecircularflowofincomeandexpenditureRealnettaxesmustequalrealgovernmentexpenditure24Equilibriumrealincomeoccursatthepointswheretotalrealaggregateexpendituresequaltherealvalueofdomesticallyproducedoutput28SupposeMPC06MPS03andMPIM01A1billionincreaseinautonomousexpenditurewouldleadtoaincreaseinequilibriumrealincome25billion37TheintersectionoftheISandLMschedulesdeterminestheequilibriumlevelsofAthenominalinterestrateandaggregaterealincome39AnISLMequilibriumthatliesbelowtheBPschedulerepresentsaAbalanceofpaymentsdeficit8CapitalmobilityisameasureofCtheeasewithwhichfinancialresourcescanflowacrossborders9CountrieswithrelativelylowcapitalmobilityhaveaBPschedulethatis6relativelysteep10AcentralbankpolicyactionthatincreasesthenominalquantityofmoneyinducesarightwardshiftintheLMschedule11AfiscalcontractionleadstoaAleftwardshiftintheISschedule18ConsidertheeffectofamonetaryexpansiononacountrywithafixedexchangerateandlowcapitalmobilityWhatwillbetheinitialchangeinthecountrysexternalbalanceThecurrentaccountwillmoveinthedirectionofalargerdeficit21ThefallininvestmentthatfollowsariseingovernmentspendingisknownastheCcrowdingouteffect24Tomaintainafixedexchangerateacentralbankfacingabalanceofpaymentsdeficitshouldsellforeignexchangereserves25Inasmallopeneconomywithperfectcapitalmobilityandafixedexchangerateanexpansionarymonetarypolicyhasnoeffectonrealincome26Inasmallopeneconomywithperfectcapitalmobilityandafixed7exchangeratewhichoneofthefollowingeventswillnotoccurasaresultofafiscalexpansionDThecentralbankseffortstomaintaintheexchangeratecompletelyoffsettheeffectsoffiscalpolicyonrealincome2HowdoesacurrencydepreciationaffectthecountrysBPscheduleCTheBPscheduleshiftstotheright3UnderfloatingexchangeratesanexpansionarymonetarypolicyhasitseffectonrealincomemagnifiedbyasubsequentshiftintheISschedule4UnderfloatingexchangeratesandhighcapitalmobilitytheeffectsofafiscalexpansiononrealincomearereducedbyashiftintheBPschedule5UnderfloatingexchangeratesandlowcapitalmobilitytheeffectsofafiscalexpansiononrealincomearemagnifiedbyashiftintheBPschedule7InasmallopeneconomywithperfectcapitalmobilitytheeffectsofanexpansionarymonetarypolicyonrealincomeareBmagnifiedbyresponsestosubsequentexchangeratemovements89InasmallopeneconomywithperfectcapitalmobilitywhichofthefollowingstatementsistrueMonetarypolicyismoreeffectivewithfloatingexchangeratesthanitiswithfixedexchangerates11DomesticfiscalpolicyisineffectiveinasmallopeneconomywithperfectcapitalmobilityandfloatingexchangeratesbecauseDexpansionaryfiscalpolicyleadstoanincreaseintheinterestratewhichinducesanappreciationofthecurrencyandinducesnetexportstofalloffsettingtheeffectsoftheinitialfiscalexpansion12InasmallopeneconomywithperfectcapitalmobilityandafloatingexchangerateanexpansionarymonetarypolicywillresultinDadepreciationofthedomesticcurrency