米什金《货币金融学》(第11版)章节题库-第20章 IS曲线【圣才出品】
金融市场学双语题库及答案(第二十章)米什金《金融市场与机构》
Financial Markets and Institutions, 8e (Mishkin)Chapter 20 The Mutual Fund Industry20.1 Multiple Choice1) At the beginning of 2013, mutual funds held about ________ of the U.S. stock market was held by mutual funds.A) 30%B) 50%C) 10%D) 70%Answer: ATopic: Chapter 20.1 The Growth of Mutual FundsQuestion Status: Updated from Previous Edition2) The origins of mutual funds can be traced back to the mid to late 1800s in________.A) England and ScotlandB) New York CityC) BostonD) GermanyAnswer: ATopic: Chapter 20.1 The Growth of Mutual FundsQuestion Status: New Question3) ________ intermediation means that small investors can pool their funds with other investors to purchase high face value securities.A) LiquidityB) FinancialC) DenominationD) ShareAnswer: CTopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition4) Mutual funds offer investors all of the following exceptA) greater-than-average returns.B) diversified portfolios.C) lower transaction costs.D) professional investment management.Answer: ATopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition5) Mutual fundsA) pool the resources of many small investors by selling these investors shares and using the proceeds to buy securities.B) allow small investors to obtain the benefits of lower transaction costs in purchasing securities.C) provide small investors a diversified portfolio that reduces risk.D) do all of the above.E) do only A and B of the above.Answer: DTopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition6) ________ enables mutual funds to consistently outperform a randomly selected group of stocks.A) Managerial expertiseB) DiversificationC) Denomination intermediationD) None of the aboveAnswer: DTopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition7) At the end of 2012 there were over ________ separate mutual funds with total assets over ________.A) 800; $10 trillionB) 7,500; $13 trillionC) 10,000; $10 trillionD) 1,000; $7 trillionAnswer: BTopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Updated from Previous Edition8) Most mutual funds are structured in two ways. The most common structure is a(n) ________ fund, from which shares can be redeemed at any time at a price that is tied to the asset value of the fund. A(n) ________ fund has a fixed number of nonredeemable shares that are traded in the over-the-counter market.A) closed-end; open-endB) open-end; closed-endC) no-load; closed-endD) no-load; loadE) load; no-loadAnswer: BTopic: Chapter 20.3 Mutual Fund StructureQuestion Status: Previous Edition9) Which of the following is an advantage to investors of an open-end mutual fund?A) Once all the shares have been sold, the investor does not have to put in more money.B) The investors can sell their shares in the over-the-counter market with low transaction fees.C) The fund agrees to redeem shares at any time.D) The market value of the fund's shares may be higher than the value of the assets held by the fund.Answer: CTopic: Chapter 20.3 Mutual Fund StructureQuestion Status: Previous Edition10) The net asset value of a mutual fund isA) determined by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding.B) determined by calculating the net price of the assets owned by the fund.C) calculated every 15 minutes and used for transactions occurring during the next 15-minute interval.D) calculated as the difference between the fund's assets and its liabilities. Answer: ATopic: Chapter 20.3 Mutual Fund StructureQuestion Status: Previous Edition11) ________ funds are the simplest type of investment funds to manage.A) BalancedB) Global equityC) GrowthD) IndexAnswer: DTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition12) The majority of mutual fund assets are now owned byA) individual investors.B) institutional investors.C) fiduciaries.D) business organizations.E) retirees.Answer: ATopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition13) Capital appreciation funds select stocks of ________ and tend to be ________ risky than total return funds.A) large, established companies that pay dividends regularly; moreB) large, established companies that pay dividends regularly; lessC) companies expected to grow rapidly; moreD) companies expected to grow rapidly; lessAnswer: CTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition14) From largest to smallest in terms of total assets, the four classes of mutual funds areA) equity funds, bond funds, hybrid funds, money market funds.B) equity funds, money market funds, bond funds, hybrid funds.C) money market funds, equity funds, hybrid funds, bond funds.D) bond funds, money market funds, equity funds, hybrid funds.Answer: BTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition15) Measured by assets, the most popular type of bond fund is the ________ bond fund.A) state municipalB) strategic incomeC) governmentD) high-yieldAnswer: BTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition16) People who take their money out of insured bank deposits to invest in uninsured money market mutual funds have ________ risk because money market funds invest in ________ assets.A) high; long-termB) low; short-termC) high; short-termD) low; long-termAnswer: BTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition17) The largest share of assets held by money market mutual funds isA) Treasury bills.B) certificates of deposit.C) commercial paper.D) repurchase agreements.Answer: CTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition18) Which of the following is a feature of index funds?A) They have lower fees.B) They select and hold stocks to match the performance of a stock index.C) They do not require managers to select stocks and decide when to buy and sell.D) All of the above.Answer: DTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition19) A deferred-load mutual fund charges a commissionA) when shares are purchased.B) when shares are sold.C) both when shares are purchased and when they are sold.D) when shares are redeemed.Answer: DTopic: Chapter 20.5 Fee Structure of Investment FundsQuestion Status: Previous Edition20) Over the past twenty years, mutual fund fees have ________, largely because________.A) fallen; SEC fee disclosure rules have led to greater competitionB) risen; investors have learned that funds with high fees provide better performanceC) risen; there has been collusion between large mutual fund companiesD) fallen; advances in information technology have lowered transaction costs Answer: ATopic: Chapter 20.5 Fee Structure of Investment FundsQuestion Status: Previous Edition21) Which of the following is most likely to be a no-load fund?A) Value fundsB) Hedge fundsC) Growth fundsD) Index fundsAnswer: DTopic: Chapter 20.5 Fee Structure of Investment FundsQuestion Status: Previous Edition22) When investors switch between funds within the same fund family, mutual funds may chargeA) a contingent deferred sales charge.B) a redemption fee.C) an exchange fee.D) 12b-1 fees.E) an account maintenance fee.Answer: CTopic: Chapter 20.5 Fee Structure of Investment FundsQuestion Status: Previous Edition23) The Securities Acts of 1933 and 1934 did notA) regulate the activities of investment funds.B) require funds to register with the SEC.C) include antifraud rules covering the purchase and sale of fund shares.D) apply to investment funds.Answer: BTopic: Chapter 20.6 Regulation of Mutual FundsQuestion Status: Previous Edition24) The largest share of total investment in mutual funds is inA) stock funds.B) hybrid funds.C) bond funds.D) money market funds.Answer: ATopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition25) Over ________ of the total daily volume in stocks is due to institutions initiating trades.A) 70%B) 50%C) 25%D) 90%Answer: ATopic: Chapter 20.6 Regulation of Mutual FundsQuestion Status: New Question26) Hedge funds areA) low risk because they are market-neutral.B) low risk if they buy Treasury bonds.C) low risk because they hedge their investments.D) high risk because they are market-neutral.E) high risk, even though they may be market-neutral.Answer: ETopic: Chapter 20.7 Hedge FundsQuestion Status: Previous Edition27) The near collapse of Long Term Capital Management was caused byA) the high management fees charged by the fund's two Nobel Prize winners.B) the fund's high leverage ratio of 20 to 1.C) a sharp decrease in the spread between corporate bonds and Treasury bonds.D) a sharp increase in the spread between corporate bonds and Treasury bonds.E) the fund's shift away from a market-neutral investment strategy.Answer: DTopic: Chapter 20.7 Hedge FundsQuestion Status: Previous Edition28) Conflicts arise in the mutual funds industry because ________ cannot effectively monitor ________.A) investment advisers; directorsB) directors; shareholdersC) shareholders; investment advisersD) investment advisers; stocks that will outperform the overall marketAnswer: CTopic: Chapter 20.8 Conflicts of Interest in the Mutual Fund IndustryQuestion Status: Previous Edition29) Late trading is the practice of allowing orders received ________ to trade at the ________ net asset value.A) before 4:00 PM; 4:00 PMB) after 4:00 PM; 4:00 PMC) after 4:00 PM; next day'sD) before 4:00 PM; previous day'sAnswer: BTopic: Chapter 20.8 Conflicts of Interest in the Mutual Fund IndustryQuestion Status: Previous Edition30) Market timingA) takes advantage of time differences between the east and west coasts of the United States.B) takes advantage of arbitrage opportunities in foreign stocks.C) takes advantage of the time lag between the receipt and execution of orders.D) is discouraged by the stiff fees mutual funds charge every investor for buying and then selling shares on the same day.Answer: BTopic: Chapter 20.8 Conflicts of Interest in the Mutual Fund IndustryQuestion Status: Previous Edition31) Late trading and market timingA) allow large, favored investors in a mutual fund to profit at the expense of other investors in the fund.B) hurt ordinary investors by increasing the number of fund shares and diluting the fund's net asset value.C) are both A and B of the above.D) are none of the above.Answer: CTopic: Chapter 20.8 Conflicts of Interest in the Mutual Fund Industry Question Status: Previous Edition32) Which of the following is not a proposal to deal with abuses in the mutual fund industry?A) Strictly enforce the 4:00 PM net asset value rule.B) Make redemption fees mandatory.C) Disclose compensation arrangements for investment advisers.D) Increase the number of dependent directors.Answer: DTopic: Chapter 20.8 Conflicts of Interest in the Mutual Fund IndustryQuestion Status: Previous Edition33) ________ means the investors can convert their investment into cash quickly at a low cost.A) Liquidity intermediationB) Denomination intermediationC) DiversificationD) Managerial expertiseAnswer: ATopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition34) At the start of 2014, one share of Berkshire Hathaway's A-shares was trading at over $150,000. ________ in an mutual fund gives a small investor access to these shares.A) Liquidity intermediationB) Denomination intermediationC) DiversificationD) Managerial expertiseAnswer: BTopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition35) Mutual fund companies frequently offer a number of separate mutual funds called ________.A) indexesB) complexesC) componentsD) actuariesAnswer: BTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition36) Equity funds can be placed in which class according to the Investment Company Institute?A) Capital appreciation fundsB) World fundsC) Total return fundsD) All of the aboveAnswer: DTopic: Chapter 20.4 Investment Objective Classes Question Status: Previous Edition37) Government bonds are essentially default risk-free, ________ returns.A) and will yield highB) and will yield the highestC) but will have relatively lowD) none of the aboveAnswer: CTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition38) ________ bonds combine stocks into one fund.A) HybridB) Money marketC) MunicipalD) EquityAnswer: ATopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition39) All ________ are open-end investment funds that invest only in money market securities.A) Stock fundsB) Bond fundsC) Money market mutual fundsD) all of the aboveAnswer: CTopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition20.2 True/False1) The larger the number of shares traded in a stock transaction, the lower the transaction costs per share.Answer: TRUETopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition2) The increase in the number of defined contribution pension funds has slowed the growth of mutual funds.Answer: FALSETopic: Chapter 20.1 The Growth of Mutual FundsQuestion Status: Previous Edition3) Mutual funds accounted for $5.3 trillion, or 27%, of the $19.5 trillion U.S. retirement market at the beginning of 2013.Answer: TRUETopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Updated from Previous Edition4) Among the investors in mutual funds, only about 25% cite preparing for retirement as one of their main reasons for holding shares.Answer: FALSETopic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Updated from Previous Edition5) Open-end mutual funds are more common than closed-end funds.Answer: TRUETopic: Chapter 20.3 Mutual Fund StructureQuestion Status: Previous Edition6) The net asset value of a mutual fund is the average market price of the stocks, bonds, and other assets the fund owns.Answer: FALSETopic: Chapter 20.3 Mutual Fund StructureQuestion Status: Previous Edition7) A mutual fund's board of directors picks the securities that will be held and makes buy and sell decisions.Answer: FALSETopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition8) Money market mutual funds originated when the brokerage firm Merrill Lynch offered its customers an account from which funds could be taken to purchase securities and into which funds could be deposited when securities were sold. Answer: TRUETopic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition9) A deferred load is a fee charged when shares in a mutual fund are redeemed. Answer: TRUETopic: Chapter 20.5 Fee Structure of Investment FundsQuestion Status: Previous Edition10) Several academic research studies show that investors earn higher returns by investing in mutual funds that charge higher fees.Answer: FALSETopic: Chapter 20.5 Fee Structure of Investment FundsQuestion Status: Previous Edition11) Hedge funds have a minimum investment requirement of between $100,000 and$20 million, with the typical minimum investment being $1 million.Answer: TRUETopic: Chapter 20.7 Hedge FundsQuestion Status: New Question12) SEC research suggests that about three-fourths of mutual funds let privileged shareholders engage in market timing.Answer: TRUETopic: Chapter 20.8 Conflicts of Interest in the Mutual Fund IndustryQuestion Status: Previous Edition13) One factor explaining the rapid growth in mutual funds is that they are financial intermediaries that are not regulated by the federal government.Answer: FALSETopic: Chapter 20.1 The Growth of Mutual FundsQuestion Status: Previous Edition14) Whether a fund is organized as a closed- or an open-end fund, is will have the same basic organizational structure.Answer: TRUETopic: Chapter 20.3 Mutual Fund StructureQuestion Status: Previous Edition15) The primary purpose of loads is to provide compensation for sales brokers. Answer: TRUETopic: Chapter 20.5 Fee Structure of Investment FundsQuestion Status: Previous Edition16) Mutual funds are regulated under four federal laws designed to protect investors. Answer: TRUETopic: Chapter 20.6 Regulation of Mutual FundsQuestion Status: Previous Edition20.3 Essay1) What benefits do mutual funds offer investors?Topic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: Previous Edition2) How is a mutual fund's net asset value calculated?Topic: Chapter 20.3 Mutual Fund StructureQuestion Status: Previous Edition3) How did money market mutual funds originate and why did they become especially popular in the late 1970s and early 1980s?Topic: Chapter 20.1 The Growth of Mutual FundsQuestion Status: Previous Edition4) How does the governance structure of mutual funds lead to asymmetric information and conflicts of interest?Topic: Chapter 20.8 Conflicts of Interest in the Mutual Fund IndustryQuestion Status: Previous Edition5) Describe the practices of late trading and market timing and explain how these practices harm a mutual fund's shareholders.Topic: Chapter 20.8 Conflicts of Interest in the Mutual Fund IndustryQuestion Status: Previous Edition6) Discuss the proposals that have been made to reduce the conflict of interest abuses in the mutual funds industry.Topic: Chapter 20.8 Conflicts of Interest in the Mutual Fund IndustryQuestion Status: Previous Edition7) How is an index fund different from the other four primary investment objective classes for mutual funds?Topic: Chapter 20.4 Investment Objective ClassesQuestion Status: New Question8) Discuss the four primary classes of mutual funds available to investors.Topic: Chapter 20.4 Investment Objective ClassesQuestion Status: Previous Edition9) What are the five benefits of mutual funds?Topic: Chapter 20.2 Benefits of Mutual FundsQuestion Status: New Question10) What is the difference between an open-end and a closed-end mutual fund? Topic: Chapter 20.3 Mutual Fund StructureQuestion Status: New Question11) What are two key differences between a traditional mutual fund and a hedge fund?Topic: Chapter 20.7 Hedge FundsQuestion Status: New Question。
米什金《货币金融学》笔记和课后习题详解(银行业与金融机构的管理)【圣才出品】
第9章银行业与金融机构的管理9.1 复习笔记1．银行的资产负债表（1）资产负债表概述资产负债表是银行的主要会计报表之一，它反映银行总的资金来源和资金运用情况。
资产负债表包括三大类项目：资产、负债和资本。
资产负债表的三大组成部分的关系可以表示为：总资产＝总负债＋资本商业银行通过负债业务取得资金，再利用这些资金开展资产业务。
银行的资产业务的收益应高于负债业务的成本，两者的差异构成银行利润来源。
美国所有商业银行的资产负债表如表9-1所示。
表9-1 全部商业银行的资产负债表（2）负债银行通过发行（销售）负债来获得资金，因此负债也被称作资金来源。
通过发行债务得到的资金被用来购买有收益的资产。
具体说来，银行负债主要包括以下科目：①支票存款支票存款是允许账户持有者向第三方签发支票的银行账户。
支票存款包括所有可以签发支票的存款。
其特点是见票即付。
支票存款是储户财富的一部分，因此属于储户的资产，同时也是银行的负债。
在银行的资金来源中，因为储户为了获取能够用于支付的流动性资产，会自愿牺牲一部分利息，所以支票存款的成本最低廉。
②非交易存款非交易存款是美国银行主要的资金来源。
储户不能对非交易存款签发支票，该类存款利率通常比支票存款的利率要高。
非交易存款有两种基本类型：储蓄账户和定期存款（也称作定期存单，CDs）。
③借款银行通过向美联储、联邦住宅贷款银行、其他银行和企业借款来获得资金。
贴现贷款是指商业银行从美联储获得的贷款。
银行还在联邦基金市场上向其他美国银行和金融机构借入隔夜准备金，目的是要在美联储保有足够的存款，以满足美联储的要求。
其他资金借入来源包括：母公司给银行的贷款、与其他企业的贷款安排以及欧洲货币市场借款。
④银行资本银行资产负债表中负债方的最后一个项目是银行资本，即银行的净值，它等于资产总额和负债总额的差额。
这些资金是通过销售新股权（股票）或留存收益而获得的。
银行资本是防止资产价值下跌的缓冲器，资产价值下跌可能使得银行破产（资产小于负债，则意味着银行面临破产）。
米什金《货币金融学》笔记和课后习题详解(IS曲线)【圣才出品】
第20章IS曲线20.1 复习笔记1．计划支出与总需求计划支出是指家庭、企业、政府以及外国人希望用于本国生产的商品和服务的支出。
相反，实际支出是指这些经济主体实际支出的数量，等于经济体所生产的产出总量。
凯恩斯认为总需求与计划支出是相同的。
总需求（Y ad）即计划支出是以下四种类型的支出总和：①消费支出C（包括对用于消费的商品和服务的总需求）；②计划投资I（包括企业对实物资产及新住宅的支出）；③政府支出G（包括政府部门对特定商品和服务的所有支出）；④净出口NX（外国对本国商品和服务的需求，等于出口总量减去进口总量）。
因此，社会总需求可以写成：Y ad＝C＋I＋G＋NX凯恩斯由此进行一般意义上的供给需求分析，得出结论：当经济中总供给与总需求在数量上相等时，即Y＝Y ad，整个经济将会处于均衡状态。
当均衡条件满足时，生产者恰好能够在市场上出售其全部产出，因而不会改变其产量。
凯恩斯分析中最重要的一点是：假设价格水平是固定不变的，从而无须对各种变量（如消费支出、投资以及总产出）的名义值进行调整。
2．总需求的组成部分（1）消费支出和消费函数消费支出与可支配收入有着密切的关系。
在数值上，可支配收入等于总收入减去税收支付（Y－T）。
消费和可支配收入的关系可用如下消费函数来描述：C＝C＿＋mpc×Y D＝C＿＋mpc×（Y－T）其中，C＿代表自主性消费支出，自主性消费支出与消费者对未来收入和财富的乐观程度有关，乐观情况可以鼓励消费者增加支出。
mpc代表边际消费倾向，反映的是可支配收入每增加1美元引起的消费支出的变动。
（2）计划投资支出与投资函数①计划投资支出经济学家所说的投资支出是购买新的实物资本（如新的机器或新的厂房），对实物资本的购买会增加总需求。
投资可以分为两种类型，第一种是固定投资，即工商企业计划用于设备、建筑物等方面的投资。
第二种是存货投资，即工商企业用于增加原料、零部件和成品等持有量上的支出，存货投资通常是按一定时期内这些物品持有量的变动来加以计算的。
米什金《货币金融学》笔记和课后习题详解(金融体系概览)【圣才出品】
第2章金融体系概览2.1 复习笔记1．金融市场的功能金融市场履行的基本经济功能，是将资金从那些由于支出少于收入而积蓄有多余资金的人手中转移到由于支出大于收入而短缺资金的人手中。
图2-1演示了这一功能。
图2-1 金融体系中的资金流动图2-1左边是拥有储蓄并贷出资金的人，即贷款-储蓄者；右边是为支出筹资因而必须借入资金的人，即借款-支出者。
主要的贷款-储蓄者是居民，但工商企业、政府、外国人及其政府有时候也有资金剩余，因而也要贷放出去。
最主要的借款-支出者是工商企业和政府，但居民和外国人也会为购买汽车、家具和住宅而借入资金。
图中的箭头表示：资金沿着两条路线从贷款-储蓄者手中流入借款-支出者手中。
在直接融资中（图2-1底部所示的路线），借款人通过在金融市场上向贷款人出售有价证券，直接向贷款人借入资金，所发行的有价证券构成对借款人未来收入或者资产的索取权。
有价证券对于购买者来说是资产，但对于发行者（个人和企业）来说是负债。
如图2-1所示，资金从贷款人向借款人流动的第二条途径就是间接融资，之所以称之为间接融资，其原因是在贷款-储蓄者和借款-支出者之间还有一个金融中介机构，它帮助资金从一方流向另一方。
金融中介机构向贷款-储蓄者借入资金，并向借款-支出者发放贷款，从而完成资金的转移。
金融市场的功能有：（1）金融市场使资金从没有生产性投资机会的人手中流向有这种投资机会的人手中。
这样，金融市场有助于资本的合理配置，为经济社会更高的产出与效率作出了贡献。
（2）运转良好的金融市场使得消费者能够合理地选择购买时机，直接提高了他们的福利。
2．金融市场的结构（1）债务和股权市场①债务工具：是一种契约协定，借款人以契约的方式，承诺向债务工具的持有人定期支付固定的金额（利息与本金支付），直至一个确定的日期（到期日）支付最后一笔金额。
债务工具的期限就是到该工具最终偿还日的时间（期限）。
按照偿还期的不同，债务工具可以分为短期（1年以下）、中期（1～10年之间）、长期（10年或10年以上）。
米什金 货币金融学 英文版习题答案chapter 20英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 20 Quantity Theory, Inflation and the Demand for Money20.1 Quantity Theory of Money1) The quantity theory of money is a theory of howA) the money supply is determined.B) interest rates are determined.C) the nominal value of aggregate income is determined.D) the real value of aggregate income is determined.Answer: CAACSB: Reflective Thinking2) Because the quantity theory of money tells us how much money is held for a given amount of aggregate income, it is also a theory ofA) interest-rate determination.B) the demand for money.C) exchange-rate determination.D) the demand for assets.Answer: BAACSB: Reflective Thinking3) The average number of times that a dollar is spent in buying the total amount of final goods and services produced during a given time period is known asA) gross national product.B) the spending multiplier.C) the money multiplier.D) velocity.Answer: DAACSB: Reflective Thinking4) The velocity of money isA) the average number of times that a dollar is spent in buying the total amount of final goods and services.B) the ratio of the money stock to high-powered money.C) the ratio of the money stock to interest rates.D) the average number of times a dollar is spent in buying financial assets.Answer: AAACSB: Reflective Thinking5) If the money supply is $500 and nominal income is $3,000, the velocity of money isA) 1/60.B) 1/6.C) 6.D) 60.Answer: CAACSB: Analytical Thinking6) If the money supply is $600 and nominal income is $3,000, the velocity of money isA) 1/50.B) 1/5.C) 5.D) 50.Answer: CAACSB: Analytical Thinking7) If the money supply is $500 and nominal income is $4,000, the velocity of money isA) 1/20.B) 1/8.C) 8.D) 20.Answer: CAACSB: Analytical Thinking8) If the money supply is $600 and nominal income is $3,600, the velocity of money isA) 1/60.B) 1/6.C) 6.D) 60.Answer: CAACSB: Analytical Thinking9) If nominal GDP is $10 trillion, and the money supply is $2 trillion, velocity isA) 0.2.B) 5.C) 10.D) 20.Answer: BAACSB: Analytical Thinking10) If nominal GDP is $8 trillion, and the money supply is $2 trillion, velocity isA) 0.25.B) 4.C) 8.D) 16.Answer: BAACSB: Analytical Thinking11) If nominal GDP is $10 trillion, and velocity is 10, the money supply isA) $1 trillion.B) $5 trillion.C) $10 trillion.D) $100 trillion.Answer: AAACSB: Analytical Thinking12) If the money supply is $2 trillion and velocity is 5, then nominal GDP isA) $1 trillion.B) $2 trillion.C) $5 trillion.D) $10 trillion.Answer: DAACSB: Analytical Thinking13) If the money supply is $20 trillion and velocity is 2, then nominal GDP isA) $2 trillion.B) $10 trillion.C) $20 trillion.D) $40 trillion.Answer: DAACSB: Analytical Thinking14) Velocity is defined asA) P + M + Y.B) (P × M)/Y.C) (Y × M)/P.D) (P × Y)/M.Answer: DAACSB: Analytical Thinking15) The velocity of money is defined asA) real GDP divided by the money supply.B) nominal GDP divided by the money supply.C) real GDP times the money supply.D) nominal GDP times the money supply.Answer: BAACSB: Reflective Thinking16) The equation of exchange states that the quantity of money multiplied by the number of times this money is spent in a given year must equalA) nominal income.B) real income.C) real gross national product.D) velocity.Answer: AAACSB: Reflective Thinking17) In the equation of exchange, the concept that provides the link between M and PY is calledA) the velocity of money.B) aggregate demand.C) aggregate supply.D) the money multiplier.Answer: AAACSB: Reflective Thinking18) The equation of exchange isA) M × P = V × Y.B) M + V = P + Y.C) M + Y = V + P.D) M × V = P × Y.Answer: DAACSB: Reflective Thinking19) Irving Fisher took the view that the institutional features of the economy which affect velocity change ________ over time so that velocity will be fairly ________ in the short run.A) rapidly; erraticB) rapidly; stableC) slowly; stableD) slowly; erraticAnswer: CAACSB: Reflective Thinking20) In Irving Fisher's quantity theory of money, velocity was determined byA) interest rates.B) real GDP.C) the institutions in an economy that affect individuals' transactions.D) the price level.Answer: CAACSB: Reflective Thinking21) The classical economists' conclusion that nominal income is determined by movements in the money supply rested on their belief that ________ could be treated as ________ in the short run.A) velocity; constantB) velocity; variableC) money; constantD) money; variableAnswer: AAACSB: Reflective Thinking22) The view that velocity is constant in the short run transforms the equation of exchange into the quantity theory of money. According to the quantity theory of money, when the money supply doublesA) velocity falls by 50 percent.B) velocity doubles.C) nominal incomes falls by 50 percent.D) nominal income doubles.Answer: DAACSB: Analytical Thinking23) Cutting the money supply by one-third is predicted by the quantity theory of money to causeA) a sharp decline in real output of one-third in the short run, and a fall in the price level by one-third in the long run.B) a decline in real output by one-third.C) a decline in output by one-sixth, and a decline in the price level of one-sixth.D) a decline in the price level by one-third.Answer: DAACSB: Analytical Thinking24) The classical economists believed that if the quantity of money doubledA) output would double.B) prices would fall.C) prices would double.D) prices would remain constant.Answer: CAACSB: Analytical Thinking25) The classical economists' contention that prices double when the money supply doubles is predicated on the belief that in the short run velocity is ________ and real GDP is ________.A) constant; constantB) constant; variableC) variable; variableD) variable; constantAnswer: AAACSB: Reflective Thinking26) For the classical economists, the quantity theory of money provided an explanation of movements in the price level. Changes in the price level resultA) from proportional changes in the quantity of money.B) primarily from changes in the quantity of money.C) only partially from changes in the quantity of money.D) from changes in factors other than the quantity of money.Answer: AAACSB: Reflective Thinking。
米什金《货币金融学》【考研真题解析】(外汇与汇率)【圣才出品】
第三讲外汇与汇率一、单选题1．按《中华人民共和国外汇管理条例》规定，以下哪一选项不属于外汇范畴？（）[厦门大学2012金融硕士]A．外币B．国外银行存款凭证C．国外房产D．国外股票【答案】C【解析】根据《中华人民共和国外汇管理条例》的规定，外汇是指下列以外币表示的可以用作国际清偿的支付手段和资产：①外国货币，包括纸币、铸币；②外币支付凭证，包括票据、银行存款凭证、邮政储蓄凭证等；③外币有价证券，包括政府债券、公司债券、股票等；④特别提款权、欧洲货币单位；⑤其他外汇资产。
2．国际清偿力不包括一国的（）。
[南京大学2012金融硕士]A．自有储备B．借入储备C．国际银行同业拆借D．在IMF的SDR【答案】C【解析】国际清偿能力是一国现有的对外清偿能力和可能有的对外清偿能力之和。
一国直接掌握的在必要时可以用于调节国际收支、清偿国际债务的国际流通资产。
主要包括：①自有储备包含黄金、外汇储备、在IMF（国际货币基金组织）中的储备地位和SDR（特别提款权）；②借入储备包含备用信贷、互惠信贷、支付协议及其他类似安排；③诱导储备是指商业银行的对外短期可兑换货币资产。
3．假设2012年1月8日外汇市场汇率行情如下：伦敦市场1英镑=42美元，纽约市场1美元=58加元，多伦多市场100英镑=220加元，如果一个投机者投入100万英镑套汇，那么（）。
[中央财经大学2012金融硕士]A．有套汇机会，获利98万英镑B．有套汇机会，获利98万美元C．有套汇机会，获利98万加元D．无套汇机会，获利为零【答案】A【解析】若投机者投入100万英镑，那么他在伦敦市场可以换取142万美元，然后进入纽约市场，142美元则可兑换142×58=236（万加元），最后进入多伦多市场则可兑换236/2=198（万英镑），因此有套汇机会，获利198-100=98（万英镑）。
4．一般来说，一国国际收支出现巨额顺差会使其（）。
[暨南大学2011金融硕士]A．货币疲软B．货币坚挺C．通货紧缩D．利率下跌【答案】B【解析】国际收支巨额顺差会使外汇供过于求，使本国货币坚挺，本币汇率升值。
米什金《货币金融学》【考研真题解析】(现代货币创造机制)【圣才出品】
第六讲现代货币创造机制一、单选题1．以下哪一选项不属于中央银行的基本职能？（）[厦门大学2012金融硕士] A．发行的银行B．银行的银行C．国家的银行D．人民的银行【答案】D【解析】中央银行的基本职能包括：①发行的银行，是指垄断银行券的发行权，成为全国惟一的现钞发行机构；②银行的银行，是指中央银行以商业银行或其他金融机构为业务对象提供金融服务；③国家的银行，是指中央银行代表国家贯彻执行财政金融政策，代理国库收支以及为国家提供各种金融服务。
2．假设一个经济中流通中现金有20亿元，存款有100亿元，准备金有30亿元，法定存款准备金率是2，那么经济中商业银行持有超额存款准备金和货币乘数分别是（）。
[中央财经大学2012金融硕士]A．10亿元和3B．20亿元和4C．10亿元和2D．10亿元和4【答案】D【解析】由题可知，商业银行的法定存款准备金为：100×2=20（亿元），因此其超额存款准备金为：30-20=10（亿元）。
货币乘数K=（C+1）/（R D+E+C），其中C=20/100=2，代表通货与存款的比率；R D=2，代表法定存款准备金率；E=10/100=1，代表超额存款准备金率。
因此，货币乘数K=（2+1）/（2+1+2）=4。
二、概念题1．货币乘数[中山大学2013金融硕士]答：货币乘数是指货币供应M与基础货币B之比。
对于决定货币乘数的具体因素，中央银行不能直接控制，但可以通过对其施加影响来控制货币供应量。
决定货币乘数的因素一般有以下5项：现金比率、超额准备率、定期存款准备率、活期存款准备率、定期存款对活期存款的比率。
（1）现金比率。
即流通中现金与商业银行活期存款的比率。
现金比率对乘数的确定有重大影响，现金比率越高，货币乘数也越高；反之亦然。
（2）超额准备率。
商业银行的超额准备率越高，货币乘数就越小；反之，越大。
（3）定期和活期存款法定准备率。
法定准备率越高，货币乘数越小；反之，越大。
《米什金 货币金融学 第11版 笔记和课后习题详解》读书笔记思维导图PPT模板下载
4.1 复习笔 记
4.2 课后习 题详解
5.1 复习笔 记
5.2 课后习 题详解
6.1 复习笔 记
6.2 课后习 题详解
7.1 复习笔 记
7.2 课后习 题详解
第3篇 金融机构
第8章 金融结 1
构的经济学分 析
第9章 银行业 2
与金融机构的 管理
16.2 课后习 题详解
第5篇 国际金融与货币政策
第17章 外汇 市场
第18章 国际 金融体系
17.1 复习笔 记
17.2 课后习 题详解
18.1 复习笔 记
18.2 课后习 题详解
第6篇 货币理论
第19章 货币数量 论、通货膨胀与 货币需求
第20章 IS曲线
第21章 货币政策 与总需求曲线
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《米什金 货币金融学 第11版 笔 记和课后习题详解》
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最
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01 第1篇 引言
目录
02 第2篇 金融市场
03 第3篇 金融机构
05
第5篇 国际金融与货 币政策
04
第4篇 中央银行与货 币政策的实施
06 第6篇 货币理论
本书是米什金《货币金融学》（第11版）（中国人民大学出版社）的学习辅导电子书。本书遵循该教材的章 目编排，包括6篇，共分25章，每章由两部分组成：第一部分为复习笔记；第二部分为课（章）后习题详解。华，整理名校笔记。本书每章的复习笔记对本章的重难点进行了整 理，并参考了国内名校名师讲授米什金《货币金融学》的课堂笔记，因此，本书的内容几乎浓缩了经典教材的知 识精华。（2）解析课后习题，提供详尽答案。国内外教材一般没有提供课（章）后习题答案或者答案很简单，本 书参考国外教材的英文答案和相关资料对每章的习题进行了详细的分析。（3）补充相关要点，强化专业知识。一 般来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来 了不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他 相关经典教材进行了必要的整理和分析。
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第20章 IS曲线
一、概念题
1．IS曲线
答：IS曲线是指将满足产品市场均衡条件的收入和利率的各种组合的点联结起来而形成的曲线。
它是反映产品市场均衡状态的一幅简单图像。
它表示的是任一给定的利率水平上都有相对应的国民收入水平，在这样的水平上，投资恰好等于储蓄。
在两部门经济中，IS曲线的数学表达式为I（r）＝S（y），它的斜率为负，这表明IS曲线一般是一条向右下方倾斜的曲线。
一般来说，在产品市场上，位于IS曲线右上方的收入和利率的组合，都是投资小于储蓄的非均衡组合，即商品市场上存在着过剩的供给；位于IS曲线左下方的收入和利率的组合，都是投资大于储蓄的非均衡组合，即商品市场上存在着过度需求，只有位于IS曲线上的收入和利率的组合，才是投资等于储蓄的均衡组合。
2．LM曲线
答：LM曲线是指对任意给定的利率水平所对应的货币供需均衡的位置，或货币市场处于均衡状态时的利率与产出的组合。
建立这一曲线的基本出发点是凯恩斯发展的货币需求甬数。
LM曲线是一条向上倾斜的曲线。
处于这条曲线上的任意一点都意味着货币供求处于均衡状态。
在货币市场上，对应于特定的收入水平，货币需求（L）与货币供给（M）相等时所决定的利率为均衡利率。
但不同的收入水平对应着不同货币需求，故在不同的收入水平下也就有不同的均衡利率。
3．货币需求函数（demand function for money）
答：货币需求函数是指描述货币需求量与决定货币需求的各种因素之间关系的函数，通常将决定和影响货币需求的各种因素作为自变量，而将货币需求本身作为因变量。
建立货币需求函数主要为满足以下三个用途：①用于分析各种因素对货币需求的不同影响，包括影响的方向和影响的程度；②用于验证货币需求理论分析的结果；③用于预测一定时期内全社会货币需求量及其变化的方向，作为制定货币政策，调节货币供给的依据。
影响和决定货币需求的变量有多种，大致可分为三类：规模变量、机会成本变量和其他变量，其中规模变量是指决定货币需求规模的变量，这类变量主要有财富和收入两种。
机会成本变量指债券的预期收益率、股票的预期收益率和实物资产的预期收益率，实物资产的预期收益率可用通货膨胀率来反映。
除上述各种变量外，影响货币需求的还有一些其他因素，这些因素包括可测量和不可测量的两种因素，可测量的因素有货币自身收益率；不可测量的因素有制度因素、宏观经济政策等。
比较典型的货币需求函数有传统货币数量论的交易方程式（MY＝PT，式中，M为货币数量；V为货币流通速度；P为一般物价水平；T为商品与劳务的交易量）与剑桥方程式（M＝KPY，式中，M为货币数量；K为以货币形式持有的名义国民收入的比例；P为一般物价水平；Y为一定时期内按不变价格计算的实际产出；PY表示名义国民收入水平），凯恩斯的货币需求函数M＝M1＋M2＝L1（Y）＋L2（i）＝L（Y，i），M1为满足交易动机和预防动机的货币需求，M2为满足投机动机的货币需求，Y表示国民收入，i表示利率，L1表示M1与Y的函数关系，L2表示M2与i的函数关系，以及弗里德曼的货币需求函数M＝f（P，r b，r e，（1/P）·（dP/dt），w，Y，μ），式中，M表示名义货币量；P表示价格水平；r b表示债券的预期收益率；r e表示股票的预期收益率；（1/P）·（dP/dt）表示物
价的预期变动率；w表示人力财富与非人力财富的比率；Y表示货币收入；u为其他随机因素。
二、选择题
1．其他条件不变的前提下，货币供应量和实际总产出的增加对利率的影响分别是（ ）。
A．前者导致利率上升，后者导致利率上升
B．前者导致利率上午，后者导致利率降低
C．前者导致利率下降，后者导致利率上升
D．前者导致利率下降，后者导致利率降低
E．不能确定
【答案】C
【解析】根据IS-LM模型，在其他条件保持不变的情况下，货币供给的增加使LM曲线右移，利率下降；实际总产出增加使IS曲线右移，利率上升。
2．利率对储蓄的收入效应表示，人们在利率水平提高时，希望（ ）。
A．增加储蓄，减少消费
B．减少储蓄，增加消费
C．在不减少消费的情况下增加储蓄
D．在不减少储蓄的情况下增加消费
【答案】B
【解析】一般将储蓄随利率提高而增加的现象称为利率对储蓄的替代效应；将储蓄随
利率提高而降低的现象称为利率对储蓄的收入效应。
由于利率提高意味着财富保有者收入的增加，收入效应会使他们持有较多的货币。
3．图20-1描绘了货币需求和货币供给曲线。
当货币供给从M 1增加到M 2时，均衡利率（ ）。
A ．由r 1上升到r 2，这将引起投资的上升
B ．由r 2下降到r 1，这将引起投资的下降
C ．由r 1上升到r 2，这将引起投资的下降
D ．由r 2下降到r 1，这将引起投资的上升
【答案】D
【解析】
如图20-1所示，货币供给增加，利率由r 2下降到r 1，同时刺激消费者的投资意愿增加。
图20-1
三、简答题
1．根据IS-LM 模型，在下列情况下，利率、收入、消费和投资会发生什么变动？
（1）中央银行增加货币供给；
（2）政府增加税收；
（3）政府等量地增加政府购买和税收。
答：（1）当货币需求不变时，中央银行增加货币供给，意味着货币市场上供过于求，LM曲线右移，这必然导致利率下降。
利率下降刺激消费和投资，从而使收入增加。
（2）政府增加税收会使总支出减少，反映到IS-LM模型体现为IS曲线向左移动。
总支出减少使生产和收入减少，总收入减少了，对货币交易需求减少。
当货币供给不变时，利率会下降。
（3）政府等量地增加政府购买和税收，根据平衡预算乘数，此时国民收入会增加，增加幅度为与政府购买和税收变动相等的数量。
增加政府购买会使总支出增加，反映到IS-LM模型体现为IS曲线向右移动；增加税收会使总支出减少，反映到IS-LM模型体现为IS曲线向左移动。
由于政府购买支出乘数大于税收乘数，所以最终会使IS曲线向右移动，导致利率上升、收入增加、消费增加和投资减少。
2．简述IS-LM模型的内容和意义。
答：IS-LM模型是说明商品市场与货币市场同时达到均衡时国民收入与利率的决定的模型。
在图20-2中，横轴代表国民收入（Y），纵轴代表利率（r）。
IS曲线上的任何一点都是商品市场的均衡，即I（投资）＝S（储蓄）。
LM曲线上的任何一点都是货币市场的均衡，即L（货币需求）＝M（货币供给）。
IS曲线与LM曲线相交于E，这时决定的国民收入（Y0）与利率（r0）使得商品市场与货币市场同时实现了均衡。
这一模型包括了凯恩斯分析国民收入决定时所包括的4个变量：消费（或收入减消费的余额储蓄）、投资、货币需求、货币供给，并用均衡分析的方法同时分析了这4个变量如何决定国民收入与利率。
图20-2 IS-LM 模型图20-3 财政政策的影响。