推 so15963 :標題打錯囉 08/22 18:09
→ bossrabbit :謝謝^^ 08/22 19:29
課程名稱︰貨幣銀行學二
課程性質︰經濟系選修
課程教師︰李怡庭
開課學院：社科院
開課系所︰經濟系
考試日期（年月日）︰2013.
考試時限（分鐘）：110min
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
回答問題時，請寫清楚你的推理與邏輯。
1. 美國在1970年代晚期開始發展具有支票功能的共同基金。
(1) (5%) 請說明此項金融創新何以使得Fed低估了M1貨幣流通速度。
(2) (5%) 若當時Fed採取M1成長率目標，並以估計的M1貨幣需求設定M1成長率目標
區，可以達到原先訂定的名目所得成長率的最終目標嗎?
2. (12%) 2008金融風暴後，Fed對銀行存放的準備金付利息，且將重貼現率定在聯邦
基金指標利率加上0.25個百分點。請說明聯邦基金利率(federal funds rate)不會
超過Fed所設的重貼現率，也不會低於Fed對準備金所付的利率。
3. (10%) 我國央行為了「維持台幣匯率的穩定」，積極進場調節買入10億美元(假設
兌美元匯價為30:1)，並發行20億新台幣的定期存單進行沖銷。假設上述交易都發
生在央行與銀行之間。請列出上述交易央行與銀行體系的T字帳。請問上述事件將
如何影響貨幣供給?
4. 我國央行以M2為中間目標，以貨幣基數為操作目標。央行在每年年底，會以計量方
法估計貨幣需求函數，據此估算次年的貨幣需求，以核定次年的M2成長率目標區。
(1) (4%) 請說明貨幣目標機制的一項重要優點。
(2) (8%) 若我國的貨幣需求符合流動偏好學說，那麼央行採行貨幣目標機制是否
可以達到影響名目所得的目標?(Hint: 考量M2貨幣需求函數是否具有穩定性)
5. (10%) 某國因長期採取擴張性的貨幣政策，造成通膨率達到50%。該國央行決定採
取「通貨膨脹目標機制」(inflation targeting)，並採取反通膨的政策，結果通
膨率很快降低，且對產出水準沒有造成太大的負面影響。請問該國央行能夠成功降
低通貨膨脹率且產出水準沒有大幅減少的重要因素為?(Hint: 請考慮制度面的因素
以及人們的預期。)
6. (12%) 請說明美國在次貸風暴前，發生了那些總體經濟變化而導致次貸的倒帳率提
高，進而引起次貸風暴的暴發?
7. (16%) 美國有許多銀行從市場上獲得資金的重要性已遠超過收受存款。2008年的金
融風暴造成一些銀行和融資公司(finance company)的資金來源遭到限縮，而影響
它們的放款能力;同時，去業與個人也較以往難以獲得貸款，導致總和需求下降。
啟用「資產負債表管道」的理論邏輯詳細解釋上述現象。
8. "Hitting the limits of 'outside the box' thinking? Monetary policy in the
crises and beyond" Speech to OMFIF (Golden Series Lecture), London, 16
May 2013.
(1) (8%) 請敘述下列文章:"By the end of the 20th century, there was a
clear consensus that a remit of monetary policy focused on price
stability had many benefits. This view reflected lessons from the painful
experience of double-digit inflation rates and erratic growth that
prevailed in many countries worldwide in the 1970s, and in some emerging
market economies well into the 1990s.
The main reason for this dismal inflation and economic performance
was that monetary policy neglected price stability. Instead, central banks
pursued other goals, which turned otu to be inconsistent with price
stability. Inmany advaced econonmies, for example, monetary policy was
too accommodative during the 1970s, ad central banks ended up pushing
output beyond sustainable levels. In emerging market economie, political
pressures to generate seigniorage income and finance public spending
programmes via the printing press were frequent sources of high inflation.
In all these experiences, the neglect of price stability did not
improve economic performance. Over tim, we learned, quite painfully, that
there is no beneficial long-run trade-off between inflation and growth.
Indeed, we learned that high and volatile inflation rates go hand in hand
with erratic growth, large exchangerate weings,and even economic and
political crises."
(2) (10%) "In emerging market econmies, political pressures to generate
seigniorage income and finance public spending programmes via the printing
press were frequent sources of high inflation." 請用AD-AS模型說明上述論點。
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