米什金 货币金融学 英文版习题答案chapter 7英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis
7.1 Computing the Price of Common Stock
1) A stockholder's ownership of a company's stock gives her the right to
A) vote and be the primary claimant of all cash flows.
B) vote and be the residual claimant of all cash flows.
C) manage and assume responsibility for all liabilities.
D) vote and assume responsibility for all liabilities.
Answer: B
AACSB: Analytical Thinking
2) Stockholders are residual claimants, meaning that they
A) have the first priority claim on all of a company's assets.
B) are liable for all of a company's debts.
C) will never share in a company's profits.
D) receive the remaining cash flow after all other claims are paid.
Answer: D
AACSB: Analytical Thinking
3) Periodic payments of net earnings to shareholders are known as
A) capital gains.
B) dividends.
C) profits.
D) interest.
Answer: B
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4) The value of any investment is found by computing the
A) present value of all future sales.
B) present value of all future liabilities.
C) future value of all future expenses.
D) present value of all future cash flows.
Answer: D
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5) In the one-period valuation model, the value of a share of stock today depends upon
A) the present value of both the dividends and the expected sales price.
B) only the present value of the future dividends.
C) the actual value of the dividends and expected sales price received in one year.
D) the future value of dividends and the actual sales price.
Answer: A
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6) In the one-period valuation model, the current stock price increases if
A) the expected sales price increases.
B) the expected sales price falls.
C) the required return increases.
D) dividends are cut.
Answer: A
AACSB: Reflective Thinking
7) In the one-period valuation model, an increase in the required return on investments in equity
A) increases the expected sales price of a stock.
B) increases the current price of a stock.
C) reduces the expected sales price of a stock.
D) reduces the current price of a stock.
Answer: D
AACSB: Reflective Thinking
8) In a one-period valuation model, a decrease in the required return on investments in equity causes a(n) ________ in the ________ price of a stock.
A) increase; current
B) increase; expected sales
C) decrease; current
D) decrease; expected sales
Answer: A
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9) Using the one-period valuation model, assuming a year-end dividend of $0.11, an expected sales price of $110, and a required rate of return of 10%, the current price of the stock would be
A) $110.11.
B) $121.12.
C) $100.10.
D) $100.11
Answer: C
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10) Using the one-period valuation model, assuming a year-end dividend of $1.00, an expected sales price of $100, and a required rate of return of 5%, the current price of the stock would be
A) $110.00.
B) $101.00.
C) $100.00.
D) $96.19.
Answer: D
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11) In the generalized dividend model, if the expected sales price is in the distant future
A) it does not affect the current stock price.
B) it is more important than dividends in determining the current stock price.
C) it is equally important with dividends in determining the current stock price.
D) it is less important than dividends but still affects the current stock price.
Answer: A
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12) In the generalized dividend model, a future sales price far in the future does not affect the current stock price because
A) the present value cannot be computed.
B) the present value is almost zero.
C) the sales price does not affect the current price.
D) the stock may never be sold.
Answer: B
AACSB: Analytical Thinking
13) In the generalized dividend model, the current stock price is the sum of
A) the actual value of the future dividend stream.
B) the present value of the future dividend stream.
C) the present value of the future dividend stream plus the actual future sales price.
D) the present value of the future sales price.
Answer: B
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14) Using the Gordon growth model, a stock's current price will increase if
A) the dividend growth rate increases.
B) the growth rate of dividends falls.
C) the required rate of return on equity rises.
D) the expected sales price rises.
Answer: A
AACSB: Reflective Thinking
15) Using the Gordon growth model, a stock's current price decreases when
A) the dividend growth rate increases.
B) the required return on equity decreases.
C) the expected dividend payment increases.
D) the growth rate of dividends decreases.
Answer: D
AACSB: Reflective Thinking
16) In the Gordon growth model, a decrease in the required rate of return on equity
A) increases the current stock price.
B) increases the future stock price.
C) reduces the future stock price.
D) reduces the current stock price.
Answer: A
AACSB: Reflective Thinking
17) Using the Gordon growth formula, if D1 is $2.00, k e is 12% or 0.12, and g is 10% or 0.10, then the current stock price is
A) $20.
B) $50.
C) $100.
D) $150.
Answer: C
AACSB: Analytical Thinking
18) Using the Gordon growth formula, if D1 is $1.00, k e is 10% or 0.10, and g is 5% or 0.05, then the current stock price is
A) $10.
B) $20.
C) $30.
D) $40.
Answer: B
AACSB: Analytical Thinking
19) Using the Gordon growth model, if D1 is $.50, k e is 7%, and g is 5%, then the present value of the stock is
A) $2.50.
B) $25.
C) $50.
D) $46.73.
Answer: B
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20) One of the assumptions of the Gordon Growth Model is that dividends will continue growing at ________ rate.
A) an increasing
B) a fast
C) a constant
D) an escalating
Answer: C
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21) In the Gordon Growth Model, the growth rate is assumed to be ________ the required return on equity.
A) greater than
B) equal to
C) less than
D) proportional to
Answer: C
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22) You believe that a corporation's dividends will grow 5% on average into the foreseeable future. If the company's last dividend payment was $5 what should be the current price of the stock assuming a 12% required return?
Answer: Use the Gordon Growth Model.
$5(1 + .05)/(.12 - .05) = $75
AACSB: Analytical Thinking
23) What rights does ownership interest give stockholders?
Answer: Stockholders have the right to vote on issues brought before the stockholders, be the residual claimant, that is, receive a portion of any net earnings of the corporation, and the right to sell the stock.
AACSB: Reflective Thinking
7.2 How the Market Sets Stock Prices
1) In asset markets, an asset's price is
A) set equal to the highest price a seller will accept.
B) set equal to the highest price a buyer is willing to pay.
C) set equal to the lowest price a seller is willing to accept.
D) set by the buyer willing to pay the highest price.
Answer: D
AACSB: Reflective Thinking
2) Information plays an important role in asset pricing because it allows the buyer to more accurately judge
A) liquidity.
B) risk.
C) capital.
D) policy.
Answer: B
AACSB: Analytical Thinking
3) New information that might lead to a decrease in a stock's price might be
A) an expected decrease in the level of future dividends.
B) a decrease in the required rate of return.
C) an expected increase in the dividend growth rate.
D) an expected increase in the future sales price.
Answer: A
AACSB: Reflective Thinking
4) A change in perceived risk of a stock changes
A) the expected dividend growth rate.
B) the expected sales price.
C) the required rate of return.
D) the current dividend.
Answer: C
AACSB: Reflective Thinking
5) A stock's price will fall if there is
A) a decrease in perceived risk.
B) an increase in the required rate of return.
C) an increase in the future sales price.
D) current dividends are high.
Answer: B
AACSB: Reflective Thinking
6) A monetary expansion ________ stock prices due to a decrease in the ________ and an increase in the ________, everything else held constant.
A) reduces; future sales price; expected rate of return
B) reduces; current dividend; expected rate of return
C) increases; required rate of return; future sales price
D) increases; required rate of return; dividend growth rate
Answer: D
AACSB: Reflective Thinking
7) The global financial crisis lead to a decline in stock prices because
A) of a lowered expected dividend growth rate.
B) of a lowered required return on investment in equity.
C) higher expected future stock prices.
D) higher current dividends.
Answer: A
AACSB: Reflective Thinking
8) Increased uncertainty resulting from the global financial crisis ________ the required return on investment in equity.
A) raised
B) lowered
C) had no impact on
D) decreased
Answer: A
AACSB: Reflective Thinking
7.3 The Theory of Rational Expectations
1) Economists have focused more attention on the formation of expectations in recent years. This increase in interest can probably best be explained by the recognition that
A) expectations influence the behavior of participants in the economy and thus have a major impact on economic activity.
B) expectations influence only a few individuals, have little impact on the overall economy, but can have important effects on a few markets.
C) expectations influence many individuals, have little impact on the overall economy, but can have distributional effects.
D) models that ignore expectations have little predictive power, even in the short run. Answer: A
AACSB: Reflective Thinking
2) The view that expectations change relatively slowly over time in response to new information is known in economics as
A) rational expectations.
B) irrational expectations.
C) slow-response expectations.
D) adaptive expectations.
Answer: D
AACSB: Analytical Thinking
3) If expectations of the future inflation rate are formed solely on the basis of a weighted average of past inflation rates, then economists would say that expectation formation is
A) irrational.
B) rational.
C) adaptive.
D) reasonable.
Answer: C
AACSB: Analytical Thinking
4) If expectations are formed adaptively, then people
A) use more information than just past data on a single variable to form their expectations of that variable.
B) often change their expectations quickly when faced with new information.
C) use only the information from past data on a single variable to form their expectations of that variable.
D) never change their expectations once they have been made.
Answer: C
AACSB: Reflective Thinking
5) If during the past decade the average rate of monetary growth has been 5% and the average inflation rate has been 5%, everything else held constant, when the Federal Reserve announces that the new rate of monetary growth will be 10%, the adaptive expectation forecast of the inflation rate is
A) 5%.
B) between 5 and 10%.
C) 10%.
D) more than 10%.
Answer: A
AACSB: Reflective Thinking
6) The major criticism of the view that expectations are formed adaptively is that
A) this view ignores that people use more information than just past data to form their expectations.
B) it is easier to model adaptive expectations than it is to model rational expectations.
C) adaptive expectations models have no predictive power.
D) people are irrational and therefore never learn from past mistakes.
Answer: A
AACSB: Reflective Thinking
7) In rational expectations theory, the term "optimal forecast" is essentially synonymous with
A) correct forecast.
B) the correct guess.
C) the actual outcome.
D) the best guess.
Answer: D
AACSB: Analytical Thinking
8) If a forecast is made using all available information, then economists say that the expectation formation is
A) rational.
B) irrational.
C) adaptive.
D) reasonable.
Answer: A
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9) If a forecast made using all available information is NOT perfectly accurate, then it is
A) still a rational expectation.
B) not a rational expectation.
C) an adaptive expectation.
D) a second-best expectation.
Answer: A
AACSB: Analytical Thinking
10) If expectations are formed rationally, then individuals
A) will have a forecast that is 100% accurate all of the time.
B) change their forecast when faced with new information.
C) use only the information from past data on a single variable to form their forecast.
D) have forecast errors that are persistently low.
Answer: B
AACSB: Analytical Thinking
11) If additional information is not used when forming an optimal forecast because it is not available at that time, then expectations are
A) obviously formed irrationally.
B) still considered to be formed rationally.
C) formed adaptively.
D) formed equivalently.
Answer: B
AACSB: Analytical Thinking
12) An expectation may fail to be rational if
A) relevant information was not available at the time the forecast is made.
B) relevant information is available but ignored at the time the forecast is made.
C) information changes after the forecast is made.
D) information was available to insiders only.
Answer: B
AACSB: Analytical Thinking
13) According to rational expectations theory, forecast errors of expectations
A) are more likely to be negative than positive.
B) are more likely to be positive than negative.
C) tend to be persistently high or low.
D) are unpredictable.
Answer: D
AACSB: Analytical Thinking
14) When using rational expectations, forecast errors will, on average, be ________ and
________ be predicted ahead of time.
A) positive; can
B) positive; cannot
C) negative; can
D) zero; cannot
Answer: D
AACSB: Analytical Thinking
15) People have a strong incentive to form rational expectations because
A) they are guaranteed of success in the stock market.
B) it is costly not to do so.
C) it is costly to do so.
D) everyone wants to be rational.
Answer: B
AACSB: Reflective Thinking
16) If market participants notice that a variable behaves differently now than in the past, then, according to rational expectations theory, we can expect market participants to
A) change the way they form expectations about future values of the variable.
B) begin to make systematic mistakes.
C) no longer pay close attention to movements in this variable.
D) give up trying to forecast this variable.
Answer: A
AACSB: Reflective Thinking
17) According to rational expectations
A) expectations of inflation are viewed as being an average of past inflation rates.
B) expectations of inflation are viewed as being an average of expected future inflation rates.
C) expectations formation indicates that changes in expectations occur slowly over time as past data change.
D) expectations will not differ from optimal forecasts using all available information. Answer: D
AACSB: Reflective Thinking
18) Suppose Barbara looks out in the morning and sees a clear sky so decides that a picnic for lunch is a good idea. Last night the weather forecast included a 100% chance of rain by midday but Barbara did not watch the local news program. Is Barbara's prediction of good weather at lunch time rational? Why or why not?
Answer: No, this prediction is not using rational expectations. Although Barbara based her guess on the information that was available to her at the time, additional information was readily available that could have been used to improve her prediction.
AACSB: Reflective Thinking
7.4 The Efficient Market Hypothesis: Rational Expectations in Financial Markets
1) The theory of rational expectations, when applied to financial markets, is known as
A) monetarism.
B) the efficient markets hypothesis.
C) the theory of strict liability.
D) the theory of impossibility.
Answer: B
AACSB: Application of Knowledge
2) According to the efficient markets hypothesis, the current price of a financial security
A) is the discounted net present value of future interest payments.
B) is determined by the lowest successful bidder.
C) fully reflects all available relevant information.
D) is a result of none of the above.
Answer: C
AACSB: Reflective Thinking
3) If the optimal forecast of the return on a security exceeds the equilibrium return, then
A) the market is inefficient.
B) no unexploited profit opportunities exist.
C) the market is in equilibrium.
D) the market is myopic.
Answer: A
AACSB: Analytical Thinking
4) Another way to state the efficient markets hypothesis is: in an efficient market
A) unexploited profit opportunities will be quickly eliminated.
B) unexploited profit opportunities will never exist.
C) all prices can be accurately predicted.
D) every financial market participant must be well informed about securities.
Answer: A
AACSB: Reflective Thinking
5) ________ occurs when market participants observe returns on a security that are larger than what is justified by the characteristics of that security and take action to quickly eliminate the unexploited profit opportunity.
A) Arbitrage
B) Mediation
C) Asset capitalization
D) Market intercession
Answer: A
AACSB: Application of Knowledge
6) The efficient markets hypothesis suggests that if an unexploited profit opportunity arises in an efficient market
A) it will tend to go unnoticed for some time.
B) it will be quickly eliminated.
C) financial analysts are your best source of this information.
D) all profits will be eliminated through taxation.
Answer: B
AACSB: Reflective Thinking
7) Financial markets quickly eliminate unexploited profit opportunities through changes in
A) dividend payments.
B) tax laws.
C) asset prices.
D) monetary policy.
Answer: C
AACSB: Analytical Thinking
8) The elimination of unexploited profit opportunities requires that ________ market participants be well informed.
A) all
B) a few
C) zero
D) many
Answer: B
AACSB: Analytical Thinking
9) If future changes in stock prices are unpredictable, then we say that the stock prices follow a
A) random walk.
B) straight and narrow path.
C) meandering path.
D) generalized walk.
Answer: A
AACSB: Application of Knowledge
10) When we describe stock prices as following a random walk, we mean that future changes in stock prices are
A) unpredictable.
B) increasing.
C) decreasing.
D) constant.
Answer: A
AACSB: Application of Knowledge
11) The efficient markets hypothesis implies that future changes in exchange rates should for all practical purposes be
A) unpredictable.
B) set by each country.
C) increasing.
D) pegged to a standard such as the U.S. dollar or the Euro.
Answer: A
AACSB: Application of Knowledge
12) According to the efficient markets hypothesis, purchasing the reports of financial analysts
A) is likely to increase one's returns by an average of 10%.
B) is likely to increase one's returns by about 3 to 5%.
C) is not likely to be an effective strategy for increasing financial returns.
D) is likely to increase one's returns by an average of about 2 to 3%.
Answer: C
AACSB: Reflective Thinking
13) You have observed that the forecasts of an investment advisor consistently outperform the other reported forecasts. The efficient markets hypothesis says that future forecasts by this advisor
A) may or may not be better than the other forecasts. Past performance is no guarantee of the future.
B) will always be the best of the group.
C) will definitely be worse in the future. What goes up must come down.
D) will be worse in the near future, but improve over time.
Answer: A
AACSB: Reflective Thinking
14) Which of the following types of information most likely allows the exploitation of a profit opportunity?
A) financial analysts' published recommendations
B) technical analysis
C) hot tips from a stockbroker
D) insider information
Answer: D
AACSB: Analytical Thinking
15) Sometimes one observes that the price of a company's stock falls after the announcement of favorable earnings. This phenomenon is
A) clearly inconsistent with the efficient markets hypothesis.
B) consistent with the efficient markets hypothesis if the earnings were not as high as anticipated.
C) consistent with the efficient markets hypothesis if the earnings were not as low as anticipated.
D) consistent with the efficient markets hypothesis if the favorable earnings were expected. Answer: B
AACSB: Reflective Thinking
16) You read a story in the newspaper announcing the proposed merger of Dell Computer and Gateway. The merger is expected to greatly increase Gateway's profitability. If you decide to
invest in Gateway stock, you can expect to earn
A) above average returns since you will share in the higher profits.
B) above average returns since your stock price will definitely appreciate as higher profits are earned.
C) below average returns since computer makers have low profit rates.
D) a normal return since stock prices adjust to reflect expected changes in profitability almost immediately.
Answer: D
AACSB: Reflective Thinking
17) The efficient markets hypothesis indicates that investors
A) can use the advice of technical analysts to outperform the market.
B) do better on average if they adopt a "buy and hold" strategy.
C) let too many unexploited profit opportunities go by if they adopt a "buy and hold" strategy.
D) do better if they purchase loaded mutual funds.
Answer: B
AACSB: Reflective Thinking
18) The efficient markets hypothesis suggests that investors
A) should purchase no-load mutual funds which have low management fees.
B) can use the advice of technical analysts to outperform the market.
C) let too many unexploited profit opportunities go by if they adopt a "buy and hold" strategy.
D) act on all "hot tips" they hear.
Answer: A
AACSB: Reflective Thinking
19) The advantage of a "buy-and-hold strategy" is that
A) net profits will tend to be higher because there will be fewer brokerage commissions.
B) losses will eventually be eliminated.
C) the longer a stock is held, the higher will be its price.
D) profits are guaranteed.
Answer: A
AACSB: Reflective Thinking
20) For small investors, the best way to pursue a "buy and hold" strategy is to
A) buy and sell individual stocks frequently.
B) buy no-load mutual funds with high management fees.
C) buy no-load mutual funds with low management fees.
D) buy load mutual funds.
Answer: C
AACSB: Application of Knowledge
21) If a corporation announces that it expects quarterly earnings to increase by 25% and it actually sees an increase of 22%, what should happen to the price of the corporation's stock if the efficient markets hypothesis holds, everything else held constant?
Answer: The stock's price should fall. The price had adjusted based on the statement of expected earnings. When the actual number turned out to be lower than expected, the stock price changes to reflect the additional information.
AACSB: Reflective Thinking
22) Your best friend calls and gives you the latest stock market "hot tip" that he heard at the health club. Should you act on this information? Why or why not?
Answer: No, if this information is readily available, it will already be reflected in the stock price.
AACSB: Reflective Thinking
7.5 Why the Efficient Market Hypothesis Does Not Imply That Financial Markets are Efficient
1) If in an efficient market all prices are correct and reflect market fundamentals, which of the following is a FALSE statement?
A) A stock that has done poorly in the past is more likely to do well in the future.
B) One investment is as good as any other because the securities' prices are correct.
C) A security's price reflects all available information about the intrinsic value of the security.
D) Security prices can be used by managers to assess their cost of capital accurately. Answer: A
AACSB: Reflective Thinking
2) The efficient markets hypothesis implies that prices in the stock market
A) follow a definite pattern.
B) are more likely to go up than down.
C) always undervalue the true assets of a corporation.
D) are unpredictable.
Answer: D
AACSB: Analytical Thinking
3) Stock market crashes lead us to believe that
A) factors other than market fundamentals have an effect on asset prices.
B) unexploited profit opportunities never exist.
C) crashes are always predictable when market participants behave rationally.
D) bubbles are a natural outcome of an efficient market.
Answer: A
AACSB: Application of Knowledge
7.6 Behavioral Finance
1) ________ is the field of study that applies concepts from social sciences such as psychology and sociology to help understand the behavior of securities prices.
A) Behavioral finance
B) Strategical finance
C) Methodical finance
D) Procedural finance
Answer: A
AACSB: Application of Knowledge
2) If a market participant believes that a stock price is irrationally high, they may try to borrow stock from brokers to sell in the market and then make a profit by buying the stock back again after the stock falls in price. This practice is called
A) short selling.
B) double dealing.
C) undermining.
D) long marketing.
Answer: A
AACSB: Application of Knowledge
3) ________ means people are more unhappy when they suffer losses than they are happy when they achieve gains.
A) Loss fundamentals
B) Loss aversion
C) Loss leader
D) Loss cycle
Answer: B
AACSB: Application of Knowledge
4) Loss aversion can explain why very little ________ actually takes place in the securities market.
A) short selling
B) bargaining
C) bartering
D) negotiating
Answer: A
AACSB: Analytical Thinking
5) Psychologists have found that people tend to be ________ in their own judgments.
A) underconfident
B) overconfident
C) indecisive
D) insecure
Answer: B
AACSB: Analytical Thinking
6) ________ and ________ may provide an explanation for stock market bubbles.
A) Overconfidence; social contagion
B) Underconfidence; social contagion
C) Overconfidence; social isolationism
D) Underconfidence; social isolationism
Answer: A
AACSB: Analytical Thinking
7.7 Web Appendix: Evidence on the Efficient Market Hypothesis
1) If a mutual fund outperforms the market in one period, evidence suggests that this fund is
A) highly likely to consistently outperform the market in subsequent periods due to its superior investment strategy.
B) likely to under-perform the market in subsequent periods to average its overall returns.
C) not likely to consistently outperform the market in subsequent periods.
D) not likely to outperform the market in any subsequent period.
Answer: C
AACSB: Reflective Thinking
2) Studies of mutual fund performance indicate that mutual funds that outperformed the market in one time period usually
A) beat the market in the next time period.
B) beat the market in the next two subsequent time periods.
C) beat the market in the next three subsequent time periods.
D) do not beat the market in the next time period.
Answer: D
AACSB: Reflective Thinking
3) The number and availability of discount brokers has grown rapidly since the mid-1970s. The efficient markets hypothesis predicts that people who use discount brokers
A) will likely earn lower returns than those who use full-service brokers.
B) will likely earn about the same as those who use full-service brokers, but will net more after brokerage commissions.
C) are going against evidence suggesting that full-service brokers can help outperform the market.
D) are likely to outperform the market by a wide margin.
Answer: B
AACSB: Reflective Thinking
4) When Happy Feet Corporation announces that their fourth quarter earnings are up 10%, their stock price falls. This is consistent with the efficient markets hypothesis
A) if earnings were not as high as expected.
B) if earnings were not as low as expected.
C) if a merger is anticipated.
D) the company just invented a new bunion product.
Answer: A
AACSB: Reflective Thinking
5) To say that stock prices follow a "random walk" is to argue that stock prices
A) rise, then fall, then rise again.
B) rise, then fall in a predictable fashion.
C) tend to follow trends.
D) cannot be predicted based on past trends.
Answer: D
AACSB: Analytical Thinking
6) The efficient markets hypothesis predicts that stock prices follow a "random walk." The implication of this hypothesis for investing in stocks is
A) a "churning strategy" of buying and selling often to catch market swings.
B) turning over your stock portfolio each month, selecting stocks by throwing darts at the stock page.
C) a "buy and hold strategy" of holding stocks to avoid brokerage commissions.
D) following the advice of technical analysts.
Answer: C
AACSB: Analytical Thinking
7) Rules used to predict movements in stock prices based on past patterns are, according to the efficient markets hypothesis
A) a waste of time.
B) profitably employed by all financial analysts.
C) the most efficient rules to employ.
D) consistent with the random walk hypothesis.
Answer: A
AACSB: Reflective Thinking
8) Tests used to rate the performance of rules developed in technical analysis conclude that technical analysis
A) outperforms the overall market.
B) far outperforms the overall market, suggesting that stockbrokers provide valuable services.
C) does not outperform the overall market.
D) does not outperform the overall market, suggesting that stockbrokers do not provide services of any value.
Answer: C
AACSB: Reflective Thinking
9) Which of the following accurately summarize the empirical evidence about technical analysis?
A) Technical analysts fare no better than other financial analysis—on average they do not outperform the market.
B) Technical analysts tend to outperform other financial analysis, but on average they nevertheless under-perform the market.
C) Technical analysts fare no better than other financial analysis, and like other financial analysts they outperform the market.
D) Technical analysts fare no better than other financial analysis, and like other financial analysts they under-perform the market.
Answer: A
AACSB: Reflective Thinking
10) The small-firm effect refers to the
A) negative returns earned by small firms.
B) returns equal to large firms earned by small firms.
C) abnormally high returns earned by small firms.
D) low returns after adjusting for risk earned by small firms.
Answer: C
AACSB: Application of Knowledge
11) The January effect refers to the fact that
A) most stock market crashes have occurred in January.
B) stock prices tend to fall in January.
C) stock prices have historically experienced abnormal price increases in January.
D) the football team winning the Super Bowl accurately predicts the behavior of the stock market for the next year.
Answer: C
AACSB: Application of Knowledge
12) When a corporation announces a major decline in earnings, the stock price may initially decline significantly and then rise back to normal levels over the next few weeks. This impact is called
A) the January effect.
B) mean reversion.
C) market overreaction.
D) the small-firm effect.
Answer: C
AACSB: Reflective Thinking
13) A phenomenon closely related to market overreaction is
A) the random walk.
B) the small-firm effect.
C) the January effect.
D) excessive volatility.
Answer: D
AACSB: Application of Knowledge
14) Excessive volatility refers to the fact that
A) stock returns display mean reversion.
B) stock prices can be slow to react to new information.
C) stock price tend to rise in the month of January.
D) stock prices fluctuate more than is justified by dividend fluctuations.
Answer: D
AACSB: Application of Knowledge
15) Mean reversion refers to the fact that
A) small firms have higher than average returns.
B) stocks that have had low returns in the past are more likely to do well in the future.
C) stock returns are high during the month of January.
D) stock prices fluctuate more than is justified by fundamentals.
Answer: B
AACSB: Application of Knowledge
16) Evidence in support of the efficient markets hypothesis includes
A) the failure of technical analysis to outperform the market.
B) the small-firm effect.
C) the January effect.
D) excessive volatility.
Answer: A
AACSB: Analytical Thinking
17) Evidence against market efficiency includes
A) failure of technical analysis to outperform the market.
B) the random walk behavior of stock prices.
C) the inability of mutual fund managers to consistently beat the market.
D) the January effect.
Answer: D
AACSB: Analytical Thinking
货币金融学试题答案
《货币金融学》 模拟试题参考答案 一、名词解释 1、价值尺度——货币的基本职能之一。是指货币在表现和衡量一切商品价值时所发挥的职能。 2、通货膨胀——是指由于货币供应过多，引起货币贬值、物价普遍上涨的货币现象。 3、无限法偿——有限法偿的对称。是指本位货币具有无限的支付能力，既法律上赋予它流通的权力，不论每次支付的金额多大，受款人均不得拒绝收受。 4、商业信用——工商企业之间在买卖商品时，以商品形式提供的信用。 5、派生存款——又称衍生存款，是指商业银行发放贷款、办理贴现或投资业务等引申而来的存款。它是相对于原始存款的一个范畴。银行创造派生存款的实质，是以非现金形式为社会提供货币供应量。 6、直接融资——间接融资的对称。是指资金供求双方通过一定的金融工具直接形成债权债务关系的融资形式。 7、间接标价法——直接标价法的对称，又称应收标价法。是指用一定单位的本国货币来计算应收若干单位的外国货币的汇率表示方法。 8、基础货币——是指处于流通界为社会公众所持有的通货及商业银行存于中央银行的准备金的总和。 9、国家信用——是指以国家为一方的借贷活动，即国家作为债权人或债务人的信用。 10、货币乘数——是指在货币供给过程中，中央银行的初始货币提供量与社会货币最终形成量之间的扩张倍数。 11、金融工具——是在信用活动中产生的、能够证明债权债务或所有权关系并据以进行货币资金交易的合法凭证。 12、经济货币化——指一国国民经济中用货币购买的商品和劳务占全部产出的比重及其变化过程。 13、格雷欣法则——在双本位制下，虽然金银之间规定了法定比价，但市场价格高于法定价格的金属货币就会从流通中退出来进入贮藏或输出国外；而实际价值较低的金属货币则继续留在流通中执行货币职能，产生“劣币驱逐良币”的现象，统称“格雷欣法则”。 14、实际货币需求——实际货币需求是指名义货币需求在扣除了通货膨胀因素之后的实际货币购买力，它等于名义需求除以物价水平，即Md/P。 15、公开市场业务——公开市场业务是指中央银行在金融市场上公
货币金融学课后答案解析米什金
货币金融学课后答案 1、假如我今天以5000美元购买一辆汽车，明年我就可以赚取10000额外收入，因为拥有了这辆车，我就可以成为推销员。假如没有人愿意贷款给我，我是否应该从放高利贷者拉利处以90%的利率贷款呢？你能否列出高利贷合法的依据？ 我应该去找高利贷款，因为这样做的结果会更好。我支付的利息是4500（90%×5000）,但实际上，我赚了10000美元，所以我最后赚得了5500美元。因为拉利的高利贷会使一些人的结果更好，所以高利贷会产生一些社会效益。（一个反对高利贷的观点认为它常常会造成一种暴利活动）。 2、“在没有信息和交易成本的世界里，不会有金融中介机构的存在。”这种说法是正确的、错误的还是不确定？说明你的理由。 正确。如果没有信息和交易成本，人们相互贷款将无成本无代价进行交易，因此金融机构就没有存在的必要了。 3、风险分担是如何让金融中介机构和私人投资都从中获益的？ 风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认 的范围之内，之后，金融中介机构将销售这些资产所获取的资产去购买风险大得多的资产。 低交易成本允许金融中介机构以较低的成本进行风险分担，使得它们能够获取风险资产的收益与出售资产的成本间的差额，这也是金融中介机构的利润。对投资者而言，金融资产被转化为安全性更高的资产，减少了其面临的风险。 4、在美国，货币是否在20世纪50年代比70年代能更好地发挥价值储藏的功能？为什么？在哪一个时期你更愿意持有货币？ 在美国，货币作为一种价值储藏手段，在20世纪50年代比70年代好。因为50年代比70年代通货膨胀率更低，货币贬值的贬值程度也较低。 货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。在通货膨胀时期，物价水平迅速上升，货币也急速贬值，人们也就不愿意以这种形式来持有财富。因此，人们在物价水平比较稳定的时期更愿意持有货币。 5、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋”，在人们手中快速传递？ 在恶性通货膨胀期间，货币贬值速度非常快，所以人们希望持有货币的时间越短越好，因此此时的货币就像一个烫手的山芋快速的从一个人手里传到另一个人手里。 6、巴西在1994年之前经历快速通货膨胀，很多交易时通过美元进行的，而不是本国货币里亚尔，为什么？ 因为巴西快速的通货膨胀，国内的货币里亚尔实际上的储藏价值很低，所以人们宁愿持有美元，美元有更好的储藏价值，并在日常生活中用美元支付。 7、为了支付大学学费，你获得一笔1000美元的政府贷款。这笔贷款需要你每年支付126美元共25年。不过，你不必现在就开始偿还贷款，而是从两年后你大学毕业时才开始。通常每年支付126美元共25年的1000美元固定支付贷款的到期收益率为12%，但是为何上述政府贷款的到期收益率一定低于12%？ 如果利润率是12%，由于是在毕业两年后而不是现在开始贷款，那么政
货币金融学试题、答案分析
一．名词解释（每题3分） 1、有效需求 2、流动偏好 3、流动性陷阱 4、交易动机 5、投机动机 6、半通货膨胀 7、萨伊定律 8、货币需求 9、预防动机 10、投机动机 11、货币乘数 12、现金储蓄 13、流动性抑制 14、相机抉择 15、通货膨胀缺口 16、粘性 17、非市场出清 18、银行的最优利率 19、外在融资溢价 20、中立货币 21、社会市场经济模式 22、人民股票 23、货币目标公布制 24、伦巴德业务 25、北欧模型 26、适应性预期 27、永恒收入 28、时滞效应 29、人力财富 30、单一规则 31、拉弗曲线 32、合理预期 33、货币中性 34、简单预期 35、渠道效应 二．单选题（每小题1分。备选答案中，只有一个最符合题意，请将其编号填入括号内。） 1、在直接影响物价水平的诸多因素当中，费雪认为最主要的一个因素是( ) A.货币的数量 B.货币的流通速度 C.存款通货的数量 D.存款通货的流通速度 2.凯恩斯认为现代货币的生产弹性具有以下特征（）。 A.为正 B.为零 C.为负 D.不可确定 3．凯恩斯认为与现行利率变动方向相反的是货币的（）需求。 A.交易 B.预防 C.投机 D.所有 4．凯恩斯认为货币交易需求的大小主要取决于（）。 A.收入 B.财富 C.利率 D.心理 5．凯恩斯认为资本主义经济的病根在于（）。
A．资本过于集中B．资本主义私有制 C．有效需求不足D．政府干预过多 ６．提出累积过程理论的经济学家是（）。 A．西尼尔B．庞巴维克 C．维克塞尔D．马歇尔 ７．文特劳布认为投机性动机货币需求形成了货币的（）流通。 A．商业性B．资本性 C．金融性E．无序性 ８．新剑桥学派认为借贷资金供给曲线与利率呈（）变动关系。 A．同向B．反向 C．不规则D．不相关 ９．新剑桥学派认为在通货膨胀的传导过程中主要的传送带是（）。 A．货币工资率B．失业率 C．利率D．信贷量 １0．新剑桥学派在诸多经济政策中把（）放在首要地位。 A．收入政策B．金融政策 C．财政政策D．社会政策 11．新剑桥学派的政策目标是（ C ）。 A 保持社会稳定 B 保持经济均衡 C 保持经济协调 D 保证物价稳定 １２．关于经济周期，维克塞尔认为（）。 A．银行不可任意变动利率 B．市场利率与自然利率不一致造成经济波动 C．政府最好不干预经济 D．只有新产金不断流入金库银行才能持续压低货币利率 １３．凯恩斯以前的传统经济学的核心是（）。 A．自由经营 B．自由竞争 C．自动调节 D．自动均衡 １４．凯恩斯主义经济政策的中心是（）。 A．膨胀性的财政政策 B．膨胀性的货币政策 C．管制工资的收入政策 D．改善结构性失业的劳工政策 １５．凯恩斯认为有效需求的价格弹性（）。 A．大于1 B．等于1 C．小于1 D．小于0 １６．按凯恩斯的理论，下列正确的是（）。 A．货币政策和工资政策降低利率具有同样的效果 B．货币政策伸缩比工资政策更难 C．货币政策伸缩比工资政策更容易 D．采用弹性工资政策和膨胀性货币政策同时降低利率 １７．新剑桥学派认为利率由（）决定。 A．实物因素B．货币因素 C．实物因素和货币因素D．以上皆不正确 １８．按新剑桥学派的理论，治理通货膨胀的首要措施是（）。 A．收入政策B．金融政策 C．财政政策D．社会政策 １９．托宾认为在资产组合的均衡点，风险负效用（）收益正效用。 A．大于B．等于 C．小于D．不确定 ２０．平方根定律认为当利率上升时，现金存货余额（）。
米什金 货币金融学 英文版习题答案chapter 7英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis 7.1 Computing the Price of Common Stock 1) A stockholder's ownership of a company's stock gives her the right to A) vote and be the primary claimant of all cash flows. B) vote and be the residual claimant of all cash flows. C) manage and assume responsibility for all liabilities. D) vote and assume responsibility for all liabilities. Answer: B AACSB: Analytical Thinking 2) Stockholders are residual claimants, meaning that they A) have the first priority claim on all of a company's assets. B) are liable for all of a company's debts. C) will never share in a company's profits. D) receive the remaining cash flow after all other claims are paid. Answer: D AACSB: Analytical Thinking 3) Periodic payments of net earnings to shareholders are known as A) capital gains. B) dividends. C) profits. D) interest. Answer: B AACSB: Analytical Thinking 4) The value of any investment is found by computing the A) present value of all future sales. B) present value of all future liabilities. C) future value of all future expenses. D) present value of all future cash flows. Answer: D AACSB: Analytical Thinking 5) In the one-period valuation model, the value of a share of stock today depends upon A) the present value of both the dividends and the expected sales price. B) only the present value of the future dividends. C) the actual value of the dividends and expected sales price received in one year. D) the future value of dividends and the actual sales price. Answer: A AACSB: Analytical Thinking
MishkinTBch米什金货币金融学题库
The Economics of Money, Banking, and Financial Markets, 9e (Mishkin) Chapter 14 The Money Supply Process 14.1 Three Players in the Money Supply Process 1) The government agency that oversees the banking system and is responsible for the conduct of monetary policy in the United States is A) the Federal Reserve System. B) the United States Treasury. C) the U.S. Gold Commission. D) the House of Representatives. Answer: A Ques Status: Previous Edition 2) Individuals that lend funds to a bank by opening a checking account are called A) policyholders. B) partners. C) depositors. D) debt holders. Answer: C Ques Status: Previous Edition 3) The three players in the money supply process include A) banks, depositors, and the U.S. Treasury. B) banks, depositors, and borrowers. C) banks, depositors, and the central bank. D) banks, borrowers, and the central bank. Answer: C Ques Status: Revised 4) Of the three players in the money supply process, most observers agree that the most important player is A) the United States Treasury. B) the Federal Reserve System. C) the FDIC. D) the Office of Thrift Supervision. Answer: B Ques Status: Revised
《货币金融学》模拟考试题1
《货币金融学》模拟试题1 一、单项选择（15分） 1、本位货币在商品流通和债务支付中具有（）的特点。 A、有限法偿 B、无限法偿 C、债权人可以选择是否接受 D、债务人必须支付 2、美国同业拆借市场也称为（）。 A、贴现市场 B、承兑市场 C、联邦基金市场 D、外汇交易市场 3、通常情况下，一国的利率水平较高，则会导致（）。 A、本币汇率上升，外币汇率上升 B、本币汇率上升，外币汇率下降 C、本币汇率下降，外币汇率上升 D、本币汇率下降，外币汇率下降 4、商业银行的资产业务是指（）。 A、资金来源业务 B、存款业务 C、中间业务 D、资金运用业务 5、商业银行设立必须达到法定最低资本额的目的是（）。 A、保护存款人利益 B、保障商业银行利益与维护银行体系稳定 C、维护银行体系稳定 D、保护存款人利益与维护银行体系稳定 6、基础货币等于（）。 A、通货+存款货币 B、存款货币+存款准备金 C、通货+存款准备金 D、原始存款+派生存款 7、弗里德曼认为货币需求主要与具有稳定性的（）。 A、均衡利率相关 B、恒久收入相关 C、货币供应量相关 D、货币收入相关 8、下列金融资产中，流动性最差的是（）。 A、短期商业贷款 B、公司债券 C、长期商业贷款 D、银行固定资产 9、借款人目前有能力偿还贷款本息，但是存在一些可能对偿还产生不利影响的因素，这类贷款称为（）。 A、正常类 B、次级类 C、损失类 D、关注类 10、证券公司代理客户在二级市场上进行证券交易，从中赚取佣金的业务是（）。 A、包销业务 B、助销业务 C、经纪业务 D、自营业务 11、在费雪看来，货币流通速度可假定为（）。 A、趋于下降 B、趋于上升 C、不变 D、随周期波动 12、若今后五年中，每年中的1年期利率预期分别是5%、6%、7%、8%，9%，5年期债券的流动性升水为1%，按照流动性升水理论，则五年期利率应为（）。 A、8% B、7% C、7.25% D、8.25% 13、非银行公众向央行出售100元债券，并将所得支票存放在当地银行，最终的结果是（）。 A、央行负债增加100元准备，商业银行负债增加100元存款。 B、央行负债减少100元准备，商业银行负债减少100元存款。 C、央行资产减少100元债券，商业银行资产增加100元准备。 D、央行资产增加100元债券，商业银行负债减少100元准备。 14、在投资需求对利率敏感程度很高而货币需求对利率敏感程度很低时，货币政策通常（）。 A、不能判断 B、较为有效 C、无效 D、可能有效 15、从商品货币、纸币、支票到正在发展的电子货币，其背后的根本原因在于人们有降低（）的激励。 A、交易成本 B、物价水平 C、经济波动性 D、生产成本 二、多项选择（20分） 1、货币制度的内容包括（）。 A、确定本位货币和辅币的材料 B、确定本位货币的单位 C、确定不同种类的货币的铸造、发行和流通方法 D、确定货币的价值 E、确定本国货币的发行准备和对外关系
米什金《货币金融学》(第9版)配套题库-课后习题-第1~7章【圣才出品】
第1章为什么要研究货币、银行与金融市场 一、概念题 1．总收入（aggregate income） 答：总收入是指在一年中生产要素（土地、劳动和资本）在生产商品和劳务过程中所获得的全部收入，它被认为是计量总产出的最好指标。因为对最终产品和劳务的支出，最终必然会作为收入流回生产要素所有者手中，收入的支付必然与对最终产品和劳务的支付相等。 2．总产出（aggregate output） 答：总产出是指一个国家或地区在一定时期内（核算期内）全部生产活动的总成果，即全部生产部门生产的物质产品和服务的总价值之和，包括本期生产的已出售和可供出售的物质产品和服务、在建工程以及自产自用消费品和自制固定资产价值。总产出一般按生产者价格进行计算。 3．物价总水平（aggregate price level） 答：在本章中，物价总水平是指经济社会中平均的物价水平。在经济数据中，经常使用两种物价总水平的指标。第一种是GDP平减指数（GDP deflator），它等于名义GDP除以实际GDP的商。一般而言，用物价指数作为衡量物价水平的指标，将基年的价格水平定义为100。另一个常用的衡量物价总水平的指标就是消费者物价指数（CPI）。消费者物价指数是通过给一个典型的城市居民在某一时期（例如一个月）所购买的一揽子商品和劳务定价得到的。作为度量物价总水平的指标，不管是CPI，还是GDP平减指数，都可以用于将名义值折算成实际值，这个结果可以用名义量值除以物价指数得到。
4．资产（asset） 答：资产即经济资产，是指资产的所有权已经界定，其所有者由于在一定时期内对它们的有效使用、持有或者处置，可以从中获得经济利益的那部分资产。根据经济周转特性的不同，可以分为流动资产、长期投资、固定资产、无形资产和递延资产等；根据存在的形态不同，可以分为金融资产与非金融资产，有形资产与无形资产。 5．银行（banks） 答：银行是吸收存款、发放贷款的金融机构，包括商业银行、储蓄贷款协会、互助储蓄银行以及信用社。本书中所指的银行是按美国的划分标准来确定范围的。在国内，银行主要是指商业银行，即利用多种金融负债筹集资金，经营多种金融资产业务，并在负债资产业务中利用负债进行信用创造，追求最大利润，向客户提供多功能、综合性服务的金融企业。商业银行已经成为国民经济活动的中枢，对全社会的货币供给具有重要影响，是全社会资本运动的中心，并成为国家实施宏观经济政策的重要途径和基础。商业银行在现代经济活动中所发挥的基本功能主要有信用中介、支付中介、金融服务、信用创造和调节经济五项功能。 6．债券（bond） 答：债券是一种承诺在某一特定时期中定期支付的债务性证券，是政府、金融机构、工商企业等机构直接向社会筹措资金时，依法定程序向投资者发行的约定在一定期限还本付息的证券。债券在债券投资者（持有人）与债券发行人之间形成债权债务关系，债券发行人为债务人，债券持有人为债权人，债券持有人享有按照约定条件收回本金和收取利息的权利，债券发行人负有按照约定条件偿还本金和支付利息的义务。
朱新蓉《货币金融学》配套模拟试题及详解(一)(圣才出品)
第四部分模拟试题 朱新蓉《货币金融学》配套模拟试题及详解（一） 一、选择题（共10小题，每小题2分，共20分） 1．目前我国一年期定期存款年利率为2.50%，假设2010年官方公布的CPI为3.80%，则一年期定期存款的实际年利率为（）。 A．1.30% B．-1.30% C．-1.25% D．-1.27% 【答案】C 【解析】根据公式，实际年利率 2．银行进行同业拆借的主要目的是（）。 A．增加贷款规模 B．解决中长期资金不足 C．调剂准备金头寸 D．购买有利可图的有价证券 【答案】C 【解析】银行同业拆借是指银行相互之间的资金融通。在这种拆借业务中，借入资金的银行主要是用以解决本身临时资金周转的需要，一般均为短期的，有的只有一日——今日
借，明日还。同业拆借的利率水平一般较低。同业拆借或通过各存款货币银行在中央银行的存款账户进行，即通过中央银行把款项从拆出行账户划转到拆入行账户，或采取同业存款以及回购协议等形式进行。 3．以下关于中央银行的论述不正确的是（）。 A．中央银行的服务对象是政府、银行和其他金融机构 B．中央银行不以盈利为目的 C．流通中的货币是中央银行的负债 D．中央银行可以在外国设立分支机构 E．外汇储备是中央银行的资产 【答案】D 【解析】A项，中央银行不经营普通银行业务，即不对社会上的企业、单位和个人办理存贷、结算业务，而只与政府或商业银行等金融机构发生资金往来关系；B项中央银行不以盈利为目的，而以金融调控，如稳定货币、促进经济发展为己任；CE两项，中央银行的资产包括，国外资产、贴现和放款、政府债券和财政借款、外汇、黄金储备以及其他资产；负债包括，流通中通货、商业银行等金融机构存款、国库及公共机构存款、对外负债以及其他负债和资本项目。 4．“公司价值与其资本结构无关”这一命题是（）。 A．MM命题 B．价值增加原则 C．分离定理
米什金《货币金融学》笔记和课后习题详解(金融结构的经济学分析)【圣才出品】
第8章金融结构的经济学分析 8.1 复习笔记 1．世界各国金融结构的基本事实 （1）股票不是企业最主要的外部融资来源。 （2）发行可流通的债务和股权证券不是企业为其经营活动筹资的主要方式。 （3）与直接融资（即企业通过金融市场直接从贷款人手中获取资金）相比，间接融资（即有金融中介机构参与的融资）的重要性要大出数倍。 （4）金融中介，特别是银行，是企业外部资金最重要的来源。 （5）金融体系是经济体中受到最严格监管的部门。 （6）只有信誉卓著的大公司才能进入金融市场为其经营活动筹资。个人与缺乏严密组织的小公司很难通过发行可流通证券来融资，他们通常从银行获取贷款。 （7）抵押是居民个人和企业债务合约的普遍特征。 （8）典型的债务合约是对借款人行为设置了无数限制条件的、极为复杂的法律文本。 2．交易成本 交易成本指为实施交易而付出的时间和金钱，它是阻碍金融交易达成的重要原因。金融中介作为金融结构中的重要组成部分，金融中介得到了发展，可以减少交易成本，允许小储蓄者和借款者从金融市场中获利。金融中介降低交易成本的途径有： （1）规模经济
高交易成本问题的一个解决途径就是将投资者的资金汇集在一起，以便能利用规模经济的优势。随着交易规模的增大，每一单位货币投资的交易成本降低。通过汇集投资资金，单个投资者的交易成本就会大大降低。规模经济之所以存在，是因为当交易量增加时，一项交易的总成本只增加很少。 金融市场中规模经济的存在，有助于解释金融中介发展起来并成为金融结构中重要组成部分的原因。规模经济使得金融中介发展起来的最明显的例子就是共同基金。共同基金是通过向个人销售份额筹集资金，并投资于股票或债券的金融中介机构。共同基金购买的股票或债券的规模很大，因此可以享受到较低的交易成本。 规模经济在降低诸如计算机技术之类的运作成本方面也显示出其重要性。 （2）专门技术 金融中介能够发展专门技术来降低交易成本。它们在计算机技术方面的专门技术，使它们能够给客户提供便利的服务。 金融中介降低交易成本的一个重要结果就是，可以给客户提供流动性服务，使得客户能够更加方便地进行交易。 3．信息不对称：逆向选择和道德风险 信息不对称是指交易的一方在交易中要做出准确决策时，对交易另一方的信息掌握不充分。信息不对称的存在导致逆向选择和道德风险问题。 逆向选择是在交易发生之前的信息不对称，意思是越是存在潜在信用风险的借款人，就越想获得贷款。因为逆向选择问题增加了贷款变成不良贷款的可能性，所以贷款人可能就会决定不发放贷款了，即使市场上仍存在信用良好的借款人。 道德风险是在交易发生之后产生的。它是指借款人得到贷款后，往往将资金投放于贷款
第一学期货币金融学试题
光华园 光华园学习网 西南财经大学 2007—2008学年第一学期《货币金融学》课程期末考试第一套试题 一、单项选择题：（从每小题的备选答案中，选出一个正确答案，并将正确答案的番号填入题干的括号内。每题1分，共10分。） 1、证券的期限越长，市场利率的变化对其价格的影响就（）。 A、越稳定 B、越小 C、越大 D、越无关 2、《巴塞尔协议》明确规定了银行资本与风险资产的比率，即资本充足率不得低于（）。 A、4% B、8% C、12% D、 10% 3、货币市场交易与资本市场交易相比较，具有（）的特点。 A、期限短 B、流动性低 C、收益率高 D、风险大 4、能较好地解释利率期限结构的理论是（）。 A、预期理论 B、市场分割理论 C、优先聚集地理论 D、流动性偏好理论 5、货币经营业的性质是（）。 A、商业 B、银行业 C、金融业 D、保险业 6、在信用关系的价值运动中,货币执行的职能是（）。 A、价值尺度 B、流通手段
C、支付手段 D、储藏手段 7、流动性陷阱是指（）。 A、人们普遍预期未来利率将下降时，愿意持有货币而不愿持有债券 B、人们普遍预期未来利率将上升时，愿意持有债券而不愿持有货币 C、人们普遍预期未来利率将上升时，愿意持有货币而不愿持有债券 D、人们普遍预期未来利率将下降时，愿意持有债券而不愿持有货币 8、各国中央银行确定货币供给口径的依据是（）。 A、流动性 B、安全性 C、效益性 D、周期性 9、菲利普斯曲线说明，通货膨胀与失业率之间是（）。 A、正相关关系 B、负相关关系 C、相关关系 D、没有关系 10、中央银行持有具有较高流动性的资产旨在（）。 A、灵活调节货币供求 B、确保经济金融运行相对稳定 C、保障金融安全 D、灵活调节货币供求，确保经济金融运行相对稳定 二、多项选择题：（以下每小题的五个备选答案中有1—5个正确答案，请将正确答案全部选出，并将正确答案的番号填入题干的括号内。正确答案没有选全或有错选的，该小题不得分，每题1.5分，共15分。） 1、下列信用工具属于直接证券的有（）。 A、银行汇票 B、股票 C、公司债券 D、大额可转让存单 E、商业汇票 2、银行支持商业信用的形式有（）。
米什金《货币金融学》(第9版)配套题库【名校考研真题(视频讲解)+课后习题+章节题库+模拟试题】
米什金《货币金融学》（第9版）配套题库【名校考研真题（视频讲解）＋课后习题＋章节题库＋模拟试题】 目录 第一部分名校考研真题[视频讲解] 一、单选题 二、多选题 三、判断题 四、概念题 五、简答题 六、计算题 七、论述题 第二部分课后习题 第1章为什么要研究货币、银行与金融市场 第2章金融体系概览 第3章什么是货币
第5章利率行为 第6章利率的风险结构与期限结构 第7章股票市场、理性预期理论与有效市场假定第8章金融结构的经济学分析 第9章金融危机与次贷风波 第10章银行业与金融机构的管理 第11章金融监管的经济学分析 第12章银行业：结构与竞争 第13章中央银行与联邦储备体系 第14章货币供给过程 第15章货币政策工具 第16章货币政策操作：战略与战术 第17章外汇市场 第18章国际金融体系
第20章IS-LM模型 第21章IS-LM模型中的货币政策与财政政策第22章总需求和总供给分析 第23章货币政策传导机制的实证分析 第24章货币与通货膨胀 第25章理性预期：政策意义 第三部分章节题库 第1章为什么要研究货币、银行和金融市场 第2章金融体系概览 第3章什么是货币 第4章理解利率 第5章利率行为 第6章利率的风险结构和期限结构 第7章股票市场、理性预期理论与有效市场假定
第8章金融结构的经济学分析 第9章金融危机与次贷风波 第10章银行业与金融机构的管理 第11章金融监管的经济学分析 第12章银行业：结构和竞争 第13章中央银行与联邦储备体系 第14章货币供给过程 第15章货币政策工具 第16章货币政策操作：战略与战术 第17章外汇市场 第18章国际金融体系 第19章货币需求 第20章IS—LM模型 第21章IS—LM模型中的货币政策与财政政策第22章总需求和总供给分析
戴国强《货币金融学》配套模拟试题及详解(二)【圣才出品】
戴国强《货币金融学》配套模拟试题及详解（二） 一、选择题（共10小题，每小题2分，共20分） 1．在货币与经济周期的关系中，若货币数量不变动，同一经济体内的经济状况是繁荣还是萧条，一般与（）变化有关。 A．利率 B．收入 C．货币流通速度 D．都不是 【答案】C 【解析】在货币数量不变的情况下，同一个经济体内的经济活动状况会有不同的表现，其与货币的流通速度变化相关：①在经济高涨和繁荣时，货币的流通速度往往会加快；②在经济衰退和萧条时，货币的流通速度又往往会减慢。 2．利息率是指一定时期内利息额同（）的比率。 A．流动资金额 B．借贷资金额 C．经营资金额 D．自有资本额 【答案】B 【解析】利息率简称利率，是指一定时期内利息额同借贷资金额（本金）的比率，是衡 利息额。 量利息高低的指标。用公式表示为：利息率= 借贷资本金额（本金）
3．商业银行的主要业务是（）。 A．工业存款 B．工业放款 C．政策性贷款 D．商业存款 E．商业放款 【答案】ABC 【解析】商业银行以经营工商业存款、放款为主要业务，并为客户提供多种金融服务。它是金融机构体系中最为核心的部分，往往以其机构数量多、业务渗透面广和资产总额比重大等历史形成的优势，为其他金融机构所不能替代。 4．中央银行独立性的实质是如何处理中央银行和（）的关系。 A．政府 B．存款货币银行 C．社会保障部门 D．政策性银行 【答案】A 【解析】中央银行独立性问题的实质就是如何处理中央银行和政府之间关系的问题，是中央银行对政府直接负责还是对政府相对负责的问题。 5．短期资金融通市场又称为（）。
A．初级市场 B．货币市场 C．资本市场 D．次级市场 【答案】B 【解析】A项初级市场是指证券的发行市场；C项资本市场的长期资金融通市场；D项次级市场是指证券的流通市场。 6．假设投资基金投资组合包括3种股票，其股票价格分别为50元、20元与10元，股数分别为l万、2万与3万股，β系数分别为0．8、1．5与1，假设上海股指期货单张合约的价值是10万元。进行套期保值所需的合约份数为（）。 A．11 B．12 C．13 D．14 【答案】C 【解析】①计算投资组合的β系数： β=（50×1×0．8＋20×2×1．5＋10×3×1．0）÷（50×1＋20×2＋10×3） =130÷120=1．083； ②期货合约份数=（120÷10）×1．083=13（份），因此套期保值合约数为13份合约。 7．下列哪些属于基础货币的投放渠道?（）
米什金《货币金融学》配套模拟试题及详解(一)【圣才出品】
米什金《货币金融学》配套模拟试题及详解（一） 一、选择题（共10小题，每小题2分，共20分） 1．债券本期收益率的计算公式是（）。 A．票面收益/市场价格 B．票面收益/债券面值 C．（出售价格一购买价格）/市场价格 D．（出售价格一购买价格）/债券面值 【答案】A 【解析】本期收益率也称当前收益率，是指本期获得债券利息（股利）额对债券本期市场价格的比率。计算公式为：本期收益率=支付的年利息（股利）总额/本期市场价格。即信用工具的票面收益与市场价格的比率。 2．利率的期限结构理论主要研究的关系是（）。 A．期限与风险 B．期限与收益 C．期限与流动性 D．期限与安全性 【答案】B 【解析】利率期限结构理论的重要内容包括：为什么收益率曲线不是简单向上倾斜，体现期限越长，利率越高的结果？形成曲线种种不同走势的原因是什么？不同的曲线走势会给未来的利率预期提供什么信息？
3．考虑一个旧手表市场，手表的质量可能好也可能差（好手表或差手表）。卖主知道自己所出售的手表的质量但买主不知道，好手表所占的比例为q。假设卖主对好手表和坏手表的估价分别为100元和50元；而买主对好手表和坏手表的估价分别为120元和60元。如果旧手表的市场价格为90元，那么（）。 A．好手表和坏手表都将被出售 B．好手表和坏手表都不发生交易 C．只有坏手表被出售 D．只有好手表被出售 【答案】B 【解析】市场上旧手表的价格为90元，由于厂商对好坏手表的定价分别是100和50元，所以厂商只愿卖坏手表而不愿卖好手表。坏手表将好手表驱逐出市场，市场上将不会有好手表，因此好手表在旧手表市场上不发生交易。由于信息不对称，消费者无法区分市场上的好坏手表，所以买主愿意购买手表的价格为对坏手表的估价，即60元。虽然卖主对坏手表的估价为50元，但是卖主会利用信息不对称，以次充好，以90元出售坏手表，而消费者只愿出60元购买，因此，坏手表在旧表市场上也不发生交易。 4．商业银行与其他金融机构区别之一在于其能接受（）。 A．原始存款 B．定期存款 C．活期存款 D．储蓄存款
米什金《货币金融学》第十一版 第二章 课后题
米什金《货币金融学》第十一版 第二章课后题 1、如果是我，我不会去找高利贷借款，即使这样可以获得10000-5000*90%=5500美元的净收入，会改善我的经济状况，但高利贷会暗藏很多不稳定因素，比如暴力、威胁、恐吓等等。我无法举出高利贷合法的论据，抱歉。 2、正确，因为缺乏运转良好的金融市场意味着无法将稀有的资金引导并配置到最具生产效率的生产者那里，企业家会因无法获得资金去创建企业，从而不能够使得经济快速发展。 3、对于持有人来说，微软股票是一项资产，因为股票持有人可据此分享微软公司的收入和财产；对于微软公司来说，股票是一项负债，因为股票持有人对公司的收入和财产拥有索取权。 4、我更愿意持有债券，因为债券的支付要优先于股票，而持股人得到的只是最后剩余的索取权。 5、这种观点是错误的。二级市场上的价格决定了发行证券的公司在一级市场上的发行价格，而且二级市场使得证券更具流动性，从而使证券在一级市场上更易于发行。 6、a.国库券是美国政府发行的短期债务工具，用于支付财政赤字支出。 b.存单是由银行发行并出售给存款人的。
c.商业票据是由公司和大型银行发行的，用于债务市场的短期融资。 d.回购协议主要由银行发行，以国库券为担保，由公司和其他银行通过贷款提供资金，其中发行银行明确同意在不久的将来偿还债务（回购资金）。 e.联邦基金是银行同业间的隔夜贷款。 7、抵押贷款是向家庭或企业提供的用于购置住房、土地或其他建筑物的贷款，这些建筑物或土地本身即为贷款的抵押品。抵押支持证券是类似债券的债务工具，由一揽子个人抵押贷款支持，它的利息和本金一起支付给抵押证券持有者。 8、这种属于外国债券，一方面，英国通过借款给美国人能得到更高的利息收入；另一方面，美国能通过借款来为其商业活动融资。 9、好处是通过抵押支持证券，欧洲银行可以获得这些证券的收益，同时美国金融市场获得了所需的资本，以支持新建住宅和其他生产用途的资金需求，因此两者都受益了。 但是，随着06年美国房地产市场的不景气，导致欧洲银行所持有的抵押支持证券价值下跌，极大地影响了欧洲市场，这便是金融市场国际化所面临的成本。 10. 风险分担是指金融中介机构能够以较低的交易成本减少投资者的风险，即减少投资者资产收益的不确定性的功能。金融中介机构进行风险分担有两个途径，一个是通过资产转换，即中介机构设计并出售适合投资者风险偏好的资产，并将出售资产所得资金用于购买风险程度较高的资产的过程，并从中获取利润；另一个是多样化策略，帮助个人实现资产的多样化，从而降低了他们所可能遭受的风险。
货币金融学模拟试题(2)
货币金融学模拟试题（四） 一、填空题 1．一国金融体系最重要的组成部分是____________，主要包括____________，____________和____________。 2．存款型金融机构包括____________，____________和____________。 3．契约性金融机构包括____________，____________。 4．投资性金融机构包括____________，____________和____________。 5 凡专门从事各种金融活动的组织，均称____________。 6____________是由政府投资设立的、根据政府的决策和意向专门从事政策性金融业务的银行。7我国四家国有独资商业银行是____________、____________、____________、 ____________。 8我国第一家民营性质的商业银行是____________。 9一国金融机构体系的中心环节是____________。 10、新中国金融体系诞生以____________的建立为标志。 二、单选题 1．人们对既定体系安排和体系结构的一种满足状态或满意状态的金融体系是指（）。 A.均衡的金融体系 B.非均衡的金融体系 C.市场经济体制下的金融体系 D.计划经济体制下的金融体系 2．下列属于存款型金融机构的是（）。 A.保险公司 B.养老基金 C.金融公司 D.信用社 3．甲投资对象仅限于安全性高、流动性强的金融市场工具的基金是（） A.风险投资基金 B.投资基金 C.货币市场基金 D.对冲基金 4．下列属于间接金融投资工具的是（） A.股票 B.金融债券 C.投资基金 D.公司债券 5.在所有金融机构中，最大也是最重要的银行是（）。 A 商业银行 B 储蓄信贷协会 C 互助储蓄银行 D 信用协会 6.（）居于其他金融机构不能代替的主导地位。 A 中央银行 B 商业银行 C 专业银行 D 政策性银行 7.下列那一家不属于我国的政策性银行（）。 A 国家开发银行 B 中国进出口银行 C 中国民生银行 D 中国农业发展银行 8．金融结构是指（）。 A. 经融机构的相对规模 B. 直接融资的相对规模 C. 间接融资与金融机构的相对规模 D. 金融工具与金融机构的相对规模 9．金融市场是（），它发挥着吸收分配储蓄、确定利率与金融资产的价格的作用。
货币金融学课后答案米什金
货币金融学课后答案米什金 货币金融学课后答案 1、假如我今天以5000 美元购买一辆汽车，明年我就可以赚取10000 额外收入，因为拥有了这辆车，我就可以成为推销员。假如没有人愿意贷款给我，我是否应该从放高利贷者拉利处以90% 的利率贷款呢？你能否列出高利贷合法的依据？ 我应该去找高利贷款，因为这样做的结果会更好。我支付的利息是4500 (90% X5000 ),但实际上，我赚了10000美元，所以我最后赚得了5500 美元。因为拉利的高利贷会使一些人的结果更好，所以高利贷会产生一些社会效益。 (一个反对高利贷的观点认为它常常会造成一种暴利活动)。 2、“在没有信息和交易成本的世界里，不会有金融中介机构的存在。”这种说法 是正确的、错误的还是不确定？说明你的理由。 正确。如果没有信息和交易成本，人们相互贷款将无成本无代价进行交易，因此金融
机构就没有存在的必要了。 3、风险分担是如何让金融中介机构和私人投资都从中获益的？风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认的范围之内，之后，金融中介机构将销售这些资产所获取的资产去购买风 险大得多的资产低交易成本允许金融中介机构以较低的成本进行风险分担，使得它们能够获取风险资产的收益与出售资产的成本间的差额，这也是金融中介机构的利润。 对投资者而言，金融资产被转化为安全性更高的资产，减少了其面临的风险。 4、在美国，货币是否在20 世纪50 年代比70 年代能更好地发挥价值储藏的功 能？为什么？在哪一个时期你更愿意持有货币？ 在美国，货币作为一种价值储藏手段，在20 世纪50 年代比70 年代好。因为50 年代比70 年代通货膨胀率更低，货币贬值的贬值程度也较低。货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。在通货膨胀时期，物价水平迅速上升，货币也急速贬值，人们也就不愿意以这种形式来持有财富。因此，人们在物价水平比较稳定的时期更愿意持有货币。 5、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋” ，在人们 手中快速传递？
货币金融学试题 (1)
模拟试题（一） 一、填空题（每空1分，共10分） 1．货币职能中，价值尺度与流通手段职能是货币最基本、最重要的职能。 2．基本账户差额包括经常账户与长期资本账户所形成的余额。 3．全国统一银行间外汇市场的成立，标志着中国外汇市场进入了一个以单一汇率和市场配置制度为特征的新的发展时期。 4．凯恩斯在其流动性偏好理论中将微观经济主体对货币的需求分为交易动机、预防动机、投机动机三大动机。 5．直接标价法是以一定单位的外国货币为基准，折合成若干单位本国货币的标价方法。 二、单项选择题（每题1分，共15分） 1．我国的货币层次划分中一般将现金划入（）层次。 A．M0 B．M1 C．M2 D．M3 正确答案：A 2．名义利率、实际利率和通货膨胀率三者之间的关系可表述为（）。 A．实际利率＝通货膨胀率＋名义利率 B．实际利率＝名义利率＋通货膨胀率 C．名义利率＝实际利率－通货膨胀率 D．名义利率＝实际利率＋通货膨胀率 正确答案：D 3．以下（）通常被称做基准利率。 A．存贷款利率 B．再贴现利率 C．民间借贷利率 D．同业拆借利率 正确答案：B 4．按资金的偿还期限分，金融市场可分为（）。 A．一级市场和二级市场
B．同业拆借市场和长期债券市场 C．货币市场和资本市场 D．股票市场和债券市场 正确答案：C 5．构成商业银行最主要资金来源的是（）。 A．自有资本 B．存款负债 C．向央行借款 D．发行金融债券 正确答案：B 6．金本位制下的汇率决定于两国货币的（）。 A．铸币平价 B．绝对购买力平价 C．利率平价 D．相对购买力平价 正确答案：A 7．国际收支中最基本、最重要的项目是（）。 A．商品项目 B．经常项目 C．直接投资 D．官方储备 正确答案：B 8．弗里德曼的货币需求函数强调的是（）。 A．恒久收入的影响 B．人力资本的影响 C．利率的主导作用 D．汇率的主导作用