MS CH.15
Q02: During Christmastime, when the public's holdings of currency increase,
what defensive open market operations typically occur? Why?
Q05: Most open market operations are currently repurchase agreements. What
does this tell us about the likely volume of defensive open market
operations relative to dynamic open market operations?
Q08: If there is a switch from deposits into currency, what happens to the
federal funds rate? Use the supply and demand analysis of the market
for reserves to explain your answer.
Q11: You often read in the newspaper that the Fed has just lowered the
discount rate. Does this signal that the Fed is moving to a more
expansionary monetary policy? Why or why not?
Q12: How can the procyclical movement of interest rates (rising during
business cycle expansions and falling during business cycle contrations)
lead to a procyclical movement in the money supply as a result of Fed
discounting? Why might this movement of the money supply be undesirable?
MS CH.16
Q01: "Unemployment is a bad thing, and the govement should make every effort
to eliminate it." Do you agree or disagree? Explain your answer.
Q04: If the Fed has an interest-rate target, why will an increase in the
demand for reserves lead to a rise in the money supply?
Q20: How can bank behavior and the Fed's behavior cause money supply growth
to be procyclical (rising in booms and falling in recessions)?
MS CH.17
Q01: When the euro appreciates, are you more likely to drink California
or French wine?
Q11: If American auto companies make a breakthrough in automobile technology
and are able to produce a car that gets 60 miles to the gallon, what will
happen to the U.S. exchange rate?
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