課程名稱： 貨幣銀行學
課程性質： 選修 一學期
課程範圍：
開課教師： 李桐豪
開課學院：
開課系級：
考試日期(年月日)： 97/11/18
考試時限(Mins)： 3hr?
試題本文：
一、選擇題(每題2分，共80%)
1. If your nominal income in 1990 is $50,000, and prices increase by 50%
between 1990 and 2000, then to have the same real income, your nominal
income in 2000 must be
A)$50,000
B)$75,000
C)$100,000
D)$150,000
2. Adverse selection is a problem associated with equity and debt contracts
arising from
A)the lender's relative lack of information about the borrower's potential
returns and risks of his investment activities.
B)the lender's inability to legally require sufficient collateral to cover
a 100% loss if the borrower defaults.
C)the borrower's lack of incentive to seek a loan for highly risky
investments.
D)the borrower's lack of good options for obtaining funds.
3. Everything else held constant, if the tax-exempt status of municipal bonds
were eliminated, then
A)the interest rates on municipal bonds would still be less than the
interest rate on Treasury bonds.
B)the interest rate on municipal bonds would equal the rate on Treasury
bonds.
C)the interest rate on municipal bonds would exceed the rate on Treasury
bonds.
D)the interest rates on municipal, Treasury, and corporate bonds would all
increase.
4. Which of the following is included in M2 but not in M1?
A)NOW accounts
B)Demand deposits
C)Currency
D)Money market mutual fund shares (retail)
5. Which of the following $1,000 face-value securities has the highest yield to
maturity?
A)A 5 percent coupon bond with a price of $600
B)A 5 percent coupon bond with a price of $800
C)A 5 percent coupon bond with a price of $1,000
D)A 5 percent coupon bond with a price of $1,200
6. Which of the following are true concerning the distinction between interest
rates and return?
A)The rate of return on a bond will not necessarily equal the interest rate
on that bond.
B)The return can be expressed as the difference between the current yield
and the rate of capital gains.
C)The rate of return will be greater than the interest rate when the price
of the bond falls between time t and time t+1.
D)The return can expressed as the sum of the sum of the discount yield and
the rate of capital gains.
7. Factors that decrease the demand for bonds include
A)an increase in the volatility of stock prices.
B)a decrease in the expected returns on stocks.
C)a decrease in the inflation rate.
D)a decrease in the riskiness of stock.
8. Deflation causes the demand for bonds to _______, the supply of bonds to
________, and bond prices to _________, everything else held constant.
A)increase; increase; increase
B)increase; decrease; increase
C)decrease; increase; increase
D)decrease; decrease; increase
9. If the CPI in 2004 is 200, and in 2005 the CPI is 180, the rate of
inflation from 2004 to 2005 is
A)20%
B)10%
C)0%
D-10%
Bs1
Price of │ \ /
Bonds │ \ /
│ \ /
P1│-----\/------
│ /\
P2│ / \
│ / \
│ / \
│ Bd1
└────────────
Quantity of Bonds, B
(我盡力了我不會用bbs畫畫...)
反正就是大概是這樣的一張圖，圖上除了Bonds的需求和供給外(Bs1和Bd1)
還有Bs1平行右移的第二條Bs2以及Bd1左移的第二條Bd2....
因此Bs2和Bd2交叉的交點為P2..
價格從P1下降至P2
10. In the figure above, a factor that could cause the supply of bonds to
shift to the right is:
A) a decrease in government budget deficits.
B) a decrease in expected inflation.
C) a recession.
D) a business cycle expansion.
11. In the figure above, a factor that could cause the demand for bonds to
decrease(shift to the left )is:
A) an increase in the expected return on bonds relative to other assets.
B) a decrease in the expected return on bonds relative to other assets.
C) an increase in wealth.
D) a reduction in the riskiness of bonds relative to other assets.
12. In the figure above, the price of bonds dould fall from P1 to P2
A)inflation is expected to increase in the future.
B)interest rates are expected to fall in the future.
C)the expected return on bonds relative to other assets is expected to
increase in the future.
D)the riskiness of bonds falls relative to other assets.
13. Which of the folloeing bonds would you prefer to be buying?
A)A $10,000 face-value security with a 10 percent coupon selling for $9,000
B)A $10,000 face-value security with a 7 percent coupon selling for $10,000
C)A $10,000 face-value security with a 9 percent coupon selling for $10,000
D)A $10,000 face-value security with a 10 percent coupon selling for$10,000
14. If there is an excess supply of money
A) individuals sell bonds, causing the interest rate to rise.
B) individuals sell bonds, causing the interest rate to fall.
C) indivuduals buy bonds, causing interest rate to fall.
D) indivuduals buy bonds, causing interest rate to rise.
接著是一章Money supply的圖
Md1平行左移到Md2, 垂直的Ms不變
Interest rate從i1跌至i2
15. In the figure above, one factor not responsible for the decline of the
demand for money is
A)a decline the price level
B)a decline in income
C)an increase in income
D)a decline in the expected inflation rate.
16. In the figure above, the decrease in the interest rate from i1 to i2 can be
explained by
A) a decrease in money growth
B) a decline in the expected price level
C) an increase in income
D) an increase in the expected price level
17. What is the reaturn on a 5 percent coupon bond that initially sells for
$1,000 and sells for $900 next year?
A) 5 percent
B) 10 percent
C) -5 percent
D) -10 percent
18. When the growth rate of the money supply is increased, interest rates will
fall immediately if the liquidity effect is __________than the other money
supply effects and there is___________adjustment of expected inflation.
A) larger, fast
B) larger, slow
C) smaller, slow
D) smaller, fast
19. The figure above illustrates the effect of an increased rate of money
supply growth at time period T0. From the figure, one can conclude that the
A) liquidity effect is smaller than the expected inflation effect and
interest rates adjust quickly to changes in expected inflation.
B) liquidity effect is larger than the expected inflation effect and
interest rates adjust quickly to changes in expected inflation.
C) liquidity effect is larger than the expected inflation effect and
interest rates adjust slowly to changes in expected inflation.
D) liquidity effect is smaller than the expected inflation effect and
interest rates adjust slowlyliquidity effect is larger than the expected inflation effect and
20. If an individual moves money from a demand deposit account to a money
market deposit account,
A) M1 decreases and M2 stays the same.
B) M1 stays the same and M2 increases.
C) M1 stays the same and M2 stays the same.
D) M1 increases and M2 decreases.
21. Which of the folling statements are true?
A) A decrease in default-risk on corporate bonds lowers the demand for
these bonds, but increase the demand for default-free bonds.
B) The expected return on corporate bonds decreases as default risk
increases.
C) A corporate bond's return becomes less uncertain as default risk
increases.
D) As their relative riskiness increase, the expected return on corporate
bonds increases relative to the expected return on the default-free
bonds.
22. Everything else held constant, if the ferderal government were to guarantee
today that it will pay creditors if a corporation goes bankrupt in the
future, the interest rate on corporate bonds will_______and the interest
rate on Treasury securities will________.
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
23. If nominal GDP in 2001 is $9 trillion, and 2001 real GDP in 1996 prices is
$6 trillion, the GDP deflator price index is
A)7
B)100
C)150
D)200
24. A decrease in the liquidity of corporate bonds, other things being equal,
shifts the demand curve for corporate bonds to the _____and the demand
curve for Treasury bonds shifts to the ________
A)right; right
B)right; left
C)left; left
D)left; right
25. The yield on a discount basis of a 180-days $1,000 Treasury bill selling
for $900 is
A) 10 percent
B) 20 percent
C) 25 percent
D) 40 percent
26. Which of the following statements are true?
A) An increase in the tax rate will increase the demand for Treasury bonds.
B) Because the tax-exempt status of municipal bonds was of little benefit
to bond holders when tax rates were low, they had holding higher
interest rates than U.S. government bonds before World War II.
C) Interest rates on municipal bonds will be higher than comparable bonds
without the tax exemption
D) Because coupon payments on municipal bonds are exempt from federal
income tax, the expected after-tax return on them will be higher for
individuals in lower income tax brackets.
27. If bad credit risks are the ones who most actively seek loans and,
therefore. receiver them from financial intermediaries face the problem of
A) moral hazard
B) adverse selection
C) free-riding
D) costly state verification
28. In which of the following situations would you prefer to be lender?
A) The interest rate is 9 percent and the expected inflation rate is 7%.
B) The interest rate is 4 percent and the expected inflation rate is 1%.
C) The interest rate is 13 percent and the expected inflation rate is 15%.
D) The interest rate is 25 percent and the expected inflation rate is 50%.
29. Everything else held constant, the interest rate on municipal bonds rises
relative to the interest rate on Treasury securities when
A) income tax rates are lowed
B) income tax rates are raised
C) municipal bonds become more widely traded
D) corporate bonds becomer riskier
30. Risk sharing is profitable for financial institutions due to
A) low transactions costs
B) asymmetric information
C) adverse selection
D) moral hozard
31. Municipal bonds have default risk, yet their interest rates are lower than
the rates on default-free Treasury bonds. This suggests that
A) the benefit from the tax-exempt status of municipal bonds is less than
their default risk.
B) the benefit from the tax-exempt status of municipal bonds equals
their default risk.
C) the benefit from the tax-exempt status of municipal bonds exceeds
their default risk.
D) Treasury bonds are not default-free
32. If an individual moves money from a money market deposit account to
currency.
A) M1 increases and M2 stays the same.
B) M1 stays the same and M2 increases.
C) M1 stays the same and M2 stays the same.
D) M1 increases and M2 decreases.
33. Holding everything constant,
A) if asset A's risk relative to that of alternative assets, the demand
will increase for asset A.
B) the more liquid is asser A, relative to alternative assets, the greater
will be the demand for asset A.
C) the lower the expected return to asset A relative to alternative assets.
the greater will be the demand of asset A.
D) if wealth increases, demand for asset A increases and demand for
alternative assets decreases.
34. According to the segmented markets theory of the term structure
A) bonds of one maturity are close substitutes for bonds of other
maturities, therefore, interest rates on bonds of different maturities
move together over time.
B) the interest rate for each maturity bonds is determined by supply and
demand for that maturity bond.
C) inverstors strong preferences for shory-term relative to long-term bonds
explains why yield curves typically slope downward.
D) because of the positive term premium, the yield curve will not be
observed to be downward-sloping.
35. A professional baseball player may be contractually restricted from skiing.
The team owner includes this clause in the player's contract to protect
against
A) risk sharing.
B) moral hazard.
C) adverse selection
D) regulatory circumvention
36. If 1-year interest rates for the next three years are expected to be 4,2,
and 3 percent, and the 3-year term premium is 1 percent, than the 3-year
bond rate wil be
A)1%
B)2%
C)3%
D)4%
37. The U-shaped yield curve in the figure above indicates that short-term
interest rates are expected to
A) rise in the near-term and fall later on
B) fall sharply in the near-term and rise later on
C) fall moderately in the near-term and rise later on
D) remain unchanged in the near-term and rise later on
38. The U-shaped yield curve in the figure above indicates that the inflation
rate is expected to
A)remain constant in the near-term an fall later on
B)fall sharply in the near-term and rise later on
C)rise moderately in the near-term and fall later on
D)remain constant in the near-term and rise later on
39. When the economy slips into a recession, normally the demand for the bonds
________, the supply of the bonds___________, and the interest rate____.
everything else hold constant
A)increses;increases ;rises
B)decreases; decreases; falls
C) increaes; decreaes; falls
D) decreases; increases; rises
40. According to this theory of the term structure, bonds of different
maturities are not substitutes for one another.
A) Segmented markets theory
B) Expectations theory
C) Liquidity premium theory
D) Separable markets theory
二、問答題(共20%)
1.The spread between the interest rates on Baa corporate bonds and U.S.
government bonds is very large during the Great Depression years 1930-1933
Explain this difference using the bond supply and demand analysis.(6%)
2.請寫出我國貨幣供給額：M1a、M1b、及M2定義。(7%)
3.2008.9.21美國聯邦準備理事會(Fed)核准高盛及摩根士丹利公司兩家投資銀行轉型成
為銀行控股公司，請問：
(1)其業務將會有何變動？對其影響為何？(4%)
(2)和Fed之間的關係會變成如何(3%)
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