international-economics-ii國際經(jīng)濟(jì)學(xué)-資料下載頁
2025-07-23 07:26本頁面
【正文】 the currency. E) shifts the AA curve to the right, increases output and appreciates the currency. Answer: A 8）If the economy starts in longrun equilibrium, a permanent fiscal expansion will cause A) an increase in exchange rate, E. B) a decrease in exchange rate, E. C) an increase in output, Y. D) a decrease in output, Y. E) shifting of the AA curve up and to the right. Answer: BChapter 17 Fixed Exchange Rates and Foreign Exchange Intervention1) A central bank39。s international reserves include A) any gold that it owns. B) any silver that it owns. C) any gold that it owns and foreign and domestic assets. D) any silver that it owns and foreign and domestic assets. E) only foreign and domestic assets. Answer: C 2）A balance sheet for the central bank of Pecunia is shown below:Central Bank Balance SheetAssets LiabilitiesForeign assets $1,000 Deposits held by private banks $500Domestic assets $1,500 Currency in circulation $2,000Please write the new balance sheet if the bank sells $100 worth of foreign bonds for domestic currency. Answer: Central Bank Balance SheetAssets LiabilitiesForeign assets $900 Deposits held by private banks $500Domestic assets $1,500 Currency in circulation $1,900 3）If the central bank does not purchase foreign assets when output increases but instead holds the money stock constant, can it still keep the exchange rate fixed at Eo? Please explain with the aid of a figure. Answer: No, the rise in output leads to an excess demand for money. If the central bank does not increase supply to meet this demand, the domestic interest rate would rise above the foreign rate, R*. This higher rate of return (and given expectations in the foreign exchange market) would cause the exchange rate to fall below Eo.4）Under fixed exchange rate, in general, A) the domestic and foreign interest rates are equal, R = R. B) R = R + (Ee E)/E. C) There is no relation between the fixed exchange rate and the interest rates both foreign and domestic. D) E is equal to one. E) None of the above. Answer: A 5) A balance of payments crisis is best described as A) a sharp change in interest rates sparked by a change in expectations about the level of imports. B) a sharp change in foreign reserves sparked by a change in expectations about the future exchange rate. C) a sharp change in interest rates sparked by a change in expectations about the level of exports. D) a sharp change in foreign reserves sparked by a change in expectations about the level of imports. E) None of the above. Answer: B6) Use a figure to illustrate the ineffectiveness of monetary policy to spur on an economy under a fixed exchange rate. Answer: The initial equilibrium rests at point 1. If the central bank wishes to use monetary policy to increase output from Y1 to Y2, then they might buy domestic assets and shift the AA curve outward. However, the central bank must maintain a fixed exchange rate E0, so would have to sell foreign assets for domestic currency, returning the economy to point 1. 7）Use a figure to explain the potential effectiveness of fiscal policy to spur on the economy under a fixed exchange rate. Answer: With an aim toward increasing output, the government could use fiscal policy to shift the DD curve outward. The central bank will have to take steps to maintain a fixed exchange rate E0, among the options is buying foreign assets with money, to shift the AA schedule outward until the equilibrium at point 3 is reached15
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