货币金融学chapter-16英文题

1Copyright©2013PearsonEducation,Inc.EconomicsofMoney,Banking,andFin.Markets,10e(Mishkin)Chapter16TheConductofMonetaryPolicy:StrategyandTactics16.1ThePriceStabilityGoalandTheNominalAnchor1)ThemostcommondefinitionthatmonetarypolicymakersuseforpricestabilityisA)lowandstabledeflation.B)aninflationrateofzeropercent.C)highandstableinflation.D)lowandstableinflation.Answer:DQuesStatus:PreviousEdition2)InflationresultsinA)easeofplanningforthefuture.B)easeofcomparingpricesovertime.C)lowernominalinterestrates.D)difficultyinterpretingrelativepricemovements.Answer:DQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills3)EconomistsbelievethatcountriesrecentlysufferinghyperinflationhaveexperiencedA)reducedgrowth.B)increasedgrowth.C)reducedprices.D)lowerinterestrates.Answer:AQuesStatus:PreviousEditionAACSB:Dynamicsoftheglobaleconomy4)Anominalvariable,suchastheinflationrateorthemoneysupply,whichtiesdownthepriceleveltoachievepricestabilityiscalled________anchor.A)anominalB)arealC)anoperatingD)anintermediateAnswer:AQuesStatus:PreviousEdition2Copyright©2013PearsonEducation,Inc.5)Acentralfeatureofmonetarypolicystrategiesinallcountriesistheuseofanominalvariablethatmonetarypolicymakersuseasanintermediatetargettoachieveanultimategoalsuchaspricestability.SuchavariableiscalledanominalA)anchor.B)benchmark.C)tether.D)guideline.Answer:AQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills6)AnominalanchorpromotespricestabilitybyA)outlawinginflation.B)stabilizinginterestrates.C)keepinginflationexpectationslow.D)keepingeconomicgrowthlow.Answer:CQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills7)Monetarypolicyisconsideredtime-inconsistentbecauseA)ofthelagtimesassociatedwiththeimplementationofmonetarypolicyanditseffectontheeconomy.B)policymakersaretemptedtopursuediscretionarypolicythatismorecontractionaryintheshortrun.C)policymakersaretemptedtopursuediscretionarypolicythatismoreexpansionaryintheshortrun.D)ofthelagtimesassociatedwiththerecognitionofapotentialeconomicproblemandtheimplementationofmonetarypolicy.Answer:CQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills8)Thetime-inconsistencyproblemwithmonetarypolicytellsusthat,ifpolicymakersusediscretionarypolicy,thereisahigherprobabilitythatthe________willbehigher,comparedtopolicymakersfollowingabehaviorrule.A)inflationrateB)unemploymentrateC)interestrateD)foreignexchangerateAnswer:AQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills3Copyright©2013PearsonEducation,Inc.9)Thetheorythatmonetarypolicyconductedonadiscretionary,day-by-daybasisleadstopoorlong-runoutcomesisreferredtoastheA)adverseselectionproblem.B)moralhazardproblem.C)time-inconsistencyproblem.D)nominal-anchorproblem.Answer:CQuesStatus:PreviousEdition10)The________problemofdiscretionarypolicyarisesbecauseeconomicbehaviorisinfluencedbywhatfirmsandpeopleexpectthemonetaryauthoritiestodointhefuture.A)moralhazardB)time-inconsistencyC)nominal-anchorD)rational-expectationAnswer:BQuesStatus:PreviousEditionAACSB:Communicationabilities11)Ifthecentralbankpursuesamonetarypolicythatismoreexpansionarythanwhatfirmsandpeopleexpect,thenthecentralbankmustbetryingtoA)boostoutputintheshortrun.B)constrainoutputintheshortrun.C)constrainprices.D)boostpricesintheshortrun.Answer:AQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills12)Thetime-inconsistencyprobleminmonetarypolicycanoccurwhenthecentralbankconductspolicyA)usinganominalanchor.B)usingastrictandinflexiblerule.C)onadiscretionary,day-by-daybasis.D)usingaflexible,discretionaryrule.Answer:CQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills4Copyright©2013PearsonEducation,Inc.13)Explainthetime-inconsistencyproblem.Whatisthelikelyoutcomeofdiscretionarypolicy?Whatarethesolutionstothetime-inconsistencyproblem?Answer:Withpolicydiscretion,policymakershaveanincentivetoattempttoincreaseoutputbypursuingexpansionarypoliciesonceexpectationsareset.Theproblemisthatthispolicyresultsnotinhigheroutput,butinhigheractualandexpectedinflation.Thesolutionistoadoptaruletoconstraindiscretion.Nominalanchorscanprovidethenecessaryconstraintondiscretionarybehavior.QuesStatus:PreviousEditionAACSB:Reflectivethinkingskills16.2OtherGoalsofMonetaryPolicy1)EveniftheFedcouldcompletelycontrolthemoneysupply,monetarypolicywouldhavecriticsbecauseA)theFedisaskedtoachievemanygoals,someofwhichareincompatiblewithothers.B)theFed'sgoalsdonotincludehighemployment,makinglaborunionsacriticoftheFed.C)theFed'sprimarygoalisexchangeratestability,causingittoignoredomesticeconomicconditions.D)itisrequiredtokeepTreasurysecuritypriceshigh.Answer:AQuesStatus:PreviousEditionAACSB:Communicationabilities2)HighunemploymentisundesirablebecauseitA)resultsinalossofoutput.B)alwaysincreasesinflation.C)alwaysincreasesinterestrates.D)reducesidleresources.Answer:AQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills3)Whenworkersvoluntarilyleaveworkwhiletheylookforbetterjobs,theresultingunemploymentiscalledA)structuralunemployment.B)frictionalunemployment.C)cyclicalunemployment.D)underemployment.Answer:BQuesStatus:PreviousEdition5Copy