課件案例中文chapter

1、Macroeconomics, 6e (Blanchard/Johnson) Chapter 21:Exchange Rate Regimes21.1Multiple Choice Questions1) If the exchange rate betn two countries is expected to remain fixed at its current rate, thenA) output growth rates must be equalhe two countries.B) price levels must be equalhe two countries.C) in

2、flation rates must be equalhe two countries.D) nominalerest rates must be equalhe two countries.E) none of the aboveAnswer: Diff: 1D2) In a fixed exchange rate regime, a reduction following?he price level will cause which of thea real apprea real apprea real deprea real depreno changetion and a left

3、ward shifthe aggregate demand curvetion and no shifthe aggregate demand curvetion and a rightward shifthe aggregate demand curvetion and no shifthe aggregate demand curvehe real exchange rate, and no change in aggregate demandAnswer: Diff: 1BA revaluation causes which of the following to occura redu

4、ction in net exportshe short runhe AS/AD m?B) a reductionhe price levela reduction in outputall of the abovenone of the aboveAnswer: Diff: 2DA devaluation causes which of the following to occuran increase in net exportshe medium run?B) an increasehe price levelan increase in outputall of the aboveno

5、ne of the aboveAnswer: Diff: 1B5) Supe a country is perceived to have an overvalued real exchange rate does not devalue.Which of the following wouldxpect to occur over time?A) a reduction in its price levelB) a real depretion of its currencya reduction in its trade surplusall of the abovenone of the

6、 aboveAnswer: Diff: 1DIn a fixed exchange rate regime, which of the following policies could be implemented toreduce a trade deficit and leave aggregate demand constant?devalue the currencyincreasedecreasedecreaseincreaseernment spending ernment spendingernment spending and devalue the currency ernm

7、ent spending and revalue the currencyAnswer: Diff: 1DUnder the Gold Standard,exchange rates could float.B) realerest rates were fixed.C) real exchange rates were fixed.D) nominalerest rates were fixed.E) none of the aboveAnswer: Diff: 1E8) After Britain returned to the Gold Standardhe 1920s, the Bri

8、tish pound wasundervalued, contributing to a long period of inflation.undervalued, contributing to a long period of reovervalued, contributing to a long period of inflation.D) overvalued, contributing to a long period of re.E) value about right, leading to a long period healthy growth wilmost no inf

9、lation.Answer: Diff: 1D9) Supe foreign exchange marketsipate a devaluation for country A. Further ametpolicy makers in country A will continue to fix its nominal exchange rate. In order to peg the currency at its original level, which of the following must occur?A) increase the domesticerest rateB)

10、increase the domestic price levelconvince trading partners to raise theirall of the abovenone of the aboveerest ratesAnswer: Diff: 1A10) Part of the reason for the Mexican peso crisis of 1994 was Mexicos decitoallow the peso to depreallow the peso to apprete too ra te too raly.ly.mamaru Answer: Diff

11、: 1ain relatively low nominalerest rateshe face of relatively high inflation.ain a roughly fixed nominal exchange ratehe face of relatively high inflation.y small budget deficit Dhe face of relatively high inflation.宏觀經(jīng)濟(jì)學(xué)，6e（/）第21章：匯率制度21.1多項(xiàng)選擇題1）如果預(yù)計(jì)兩個國家之間的匯率將保持固定的當(dāng)前匯率，那么A）兩國的產(chǎn)出增長率必須相等。B）兩國的價格水平必須相

12、等。C）兩國的通貨膨脹率必須相等。D）這兩個國家的名義利率必須相等。E）以上都不是：D差異：12）在固定匯率制度下，價格水平的降低會導(dǎo)致以下哪種情況？A）總需求曲線的實(shí)際升值和向左移動B）實(shí)際升值并且總需求曲線沒有變化C）總需求曲線的實(shí)際折舊和向右移動D）實(shí)際貶值并且總需求曲線沒有變化E）實(shí)際匯率沒有變化，總需求沒有變化：B差異：13）重估會導(dǎo)致AS / AD模型在短期內(nèi)發(fā)生以下哪種情況？A）凈出口減少B）降低價格水平C）產(chǎn)量減少D）以上所有內(nèi)容E）以上都不是：D差異：24）貶值會導(dǎo)致以下哪種情況發(fā)生在中期？A）凈出口增加B）價格水平的提高C）產(chǎn)量增加D）以上所有內(nèi)容E）以上都不是：B差異：1

13、5）假設(shè)一個國家被認(rèn)為有種情況？的實(shí)際匯率不會貶值。預(yù)計(jì)隨著時間推移會發(fā)生以下哪A）降低價格水平B）貨幣的實(shí)際貶值C）貿(mào)易順差減少D）以上所有內(nèi)容E）以上都不是：D差異：16）在固定匯率制度下，可以采取以下哪些政策來減少貿(mào)易逆差并使總需求保持不變？A）使貨幣貶值B）增加支出C）減少支出D）減少支出并使貨幣貶值E）增加支出并重新評估貨幣：D差異：17）根據(jù)黃金標(biāo)準(zhǔn)，A）匯率可能浮動。B）實(shí)際利率是固定的。C）實(shí)際匯率是固定的。D）名義利率是固定的。E）以上都不是：E差異：18）英國在20世紀(jì)20年代恢復(fù)黃金標(biāo)準(zhǔn)后，英鎊是A）被低估，導(dǎo)致長期通貨膨脹。B）低估，導(dǎo)致長期。C）估值過高，導(dǎo)致長期通脹

14、。D）估值過高，導(dǎo)致長期。E）關(guān)于權(quán)利的價值，導(dǎo)致長期健康增長，幾乎沒有通貨膨脹。：D差異：19）假設(shè)外匯市場預(yù)計(jì)A國會出現(xiàn)貶值。進(jìn)一步假設(shè)A國的決策者將繼續(xù)確定其名義匯率。為了將貨幣掛鉤到原來的水平，必須出現(xiàn)以下哪種情況？A）提高國內(nèi)利率B）提高國內(nèi)價格水平C）說服貿(mào)易伙伴提高利率D）以上所有內(nèi)容E）以上都不是：A差異：110）1994年墨西哥比索的部分原因是墨西哥的決定A）允許比索過快貶值。B）讓比索升得太快。C）面對相對較高的通貨膨脹，保持相對較低的名義利率。D）面對相對較高的通貨膨脹，保持大致固定的名義匯率。E）面對相對較高的通貨膨脹，赤字非常小。：D差異：1Which of the

15、following is an argument of opponents of devaluations?devaluations cause relatively slow adjustments.participants in foreign exchange markets have a short memory: if the expected devaluation doesnt occur within a short time-period, they will stop expecting it.C) a devaluation causes a nation with fi

16、xed exchange rates to lose credibilityhe medium run,driving itserest rate higher.D) all of the aboveE) none of the aboveAnswer: Diff: 1C12) A country which does not devalue when finanl markets expect it to will probably sufferA) a real appretion of its currency.B) highererest rates.a default on its

17、national debt.all of the abovenone of the aboveAnswer: Diff: 1BUse the information provided below to answer the following questions.The exchange rate bet is 1.0 and the one-yearn the British pound and the U.S. dollar is 2. In England, the price levelerest rate is 20%.he United Ses, the price level i

18、s .8 and theone-yearerest rate is 8%. The inflation rate in both countries is zero.13) Refer to the information above. The real exchange rate (from the United S isA) .625.B) .8.C) 1.6.D) 2.0.E) none of the abovees)Answer: Diff: 1C14) Refer to the information above. The price of U.S. goods measured i

19、n pounds is A) .8.B) 1.0.C) 1.6.2.none of the aboveAnswer: Diff: 1C15) For this question, ameterest parity holds, the future expected exchange rate isconstant, the current nominal exchange rate is 1.2, the one-year foreignerest rate is 6% andthe one-year domesticerest rate is 3%. Given this informat

20、ion, one can concludetA) finanl market participants expectt the exchange rate (E) will increase by 3% over thecoming year.B) finanl market participants expectt the exchange rate (E) will decrease by 3% over thecoming year.C) finanl market participants expectt the domestic currency to deprete by 3% o

21、ver thecoming year.D) finanl market participants expectt the exchange rate (E) will increase by 20% over thecoming year.Answer: Diff: 2A16) In chapter 21, the expected future nominal exchange ratehe long run say, Eet+n, isamed to be the nominal exchange rate at whichA) the current account is in bala

22、nce.B) the future rate of appretion or depretion is constant.C) domestic and foreign price levels are equal.one unit of foreign currency exchanges for one unit of domestic currency.none of the aboveAnswer: Diff: 1AChanges in which of the following variables will cause the current nominal exchange ra

23、te to change?the future expected long-run nominal exchange rate, Eet+nfuture expected domestic nominalerest ratesfuture expected foreign nominalall of the aboveerest ratesAnswer: Diff: 1D18) An increasehe foreign one-yearerest rate expected to occur in, say, two years will, allelse fixed, have which

24、 of the following effects in a flexible exchange rate regime?A) the real exchange rate will decrease with no changehe nominal exchange rate.the nominal exchange rate will decrease with no changeboth the real and nominal exchange rate will decrease.no change in either the nominal or real exchange rat

25、e.both the real and nominal exchange rate will increase.he real exchange rate.Answer: Diff: 2C19) An increasehe domestic one-yearerest rate expected to occur in, say, two years will,all else fixed, have which of the following effects in a flexible exchange rate regime?A) the real exchange rate will

26、increase with no changehe nominal exchange rate.the nominal exchange rate will increase with no changeboth the real and nominal exchange rate will increase.no change in either the nominal or real exchange rate.he real exchange rate.Answer: Diff: 1C20) Supe countrygs its nominal exchange rate to coun

27、try B andt country A has ahigher inflation raten country B.his situation, country A will experienceA) a real appretion.B) a worsening tradeition.C) an increasehe real exchange rate.D) all of the aboveE) none of the aboveAnswer: Diff: 1D11）以下哪一項(xiàng)是貶值的論據(jù)？A）貨幣貶值導(dǎo)致調(diào)整相對緩慢。B）外匯市場參與者的期待。力很短：如果預(yù)期的貶值不會在短時間內(nèi)發(fā)生，

28、他們就會停止C）貨幣貶值導(dǎo)致一個固定匯率的國家在中期失去信譽(yù)，從而推高其利率。 D）以上所有內(nèi)容E）以上都不是：C 差異：112）一個在預(yù)期它可能損失時不會貶值的國家A）真正升值其貨幣。 B）更高的利率。 C）國債的違約。 D）以上所有內(nèi)容 E）以上都不是：B 差異：1使用下面提供的信息回答以下問題。英鎊與之間的匯率為2.在英格蘭，價格水平為1.0，一年期利率為20。在水平為.8，一年期利率為8。兩國的通貨膨脹率均為零。，價格13）參考上面的信息。實(shí)際匯率（從 A）.625。B）.8。 C）1.6。 D）2.0。 E）以上都不是：C 差異：1的角度來看）是14）參考上面的信息。以磅為 A）.8

29、。B）1.0。 C）1.6。 D）2。 E）以上都不是：C 差異：1的商品價格為15）對于這個問題，假設(shè)利率平價持有，未來預(yù)期匯率不變，當(dāng)前名義匯率為1.2，一年期外匯利率為6，一年期國內(nèi)利率為3。根據(jù)這些信息，可以得出結(jié)論A） B） C） D）參與者預(yù)計(jì)匯率（E）將在來年增加3。 參與者預(yù)計(jì)未來一年匯率（E）將下降3。參與者預(yù)計(jì)本國貨幣將在未來一年貶值3。參與者預(yù)計(jì)匯率（E）將在來年增加20。：A 差異：216）在第21章中，長期預(yù)期的未來名義匯率，即Eet + n，假定為名義匯率， A）經(jīng)常賬戶處于平衡狀態(tài)。B）未來的升值或折舊率是不變的。 C）國內(nèi)和國外價格水平相等。D）一個的本幣外幣兌

30、換。E）以上都不是：A 差異：117）以下哪個變量會導(dǎo)致當(dāng)前名義匯率發(fā)生變化？ A）未來預(yù)期的長期名義匯率，Eet + n B）未來預(yù)期的國內(nèi)名義利率 C）未來預(yù)期的外國名義利率D）以上所有內(nèi)容：D 差異：118）預(yù)計(jì)在兩年內(nèi)發(fā)生的外國一年期利率的增加，其他一切都將固定，在靈活的匯率制度中具有以下哪些影響？A）實(shí)際匯率將隨著名義匯率的變化而減少。 B）名義匯率將隨著實(shí)際匯率的變化而減少。 C）實(shí)際匯率和名義匯率都將下降。 D）名義匯率或?qū)嶋H匯率無變化。 E）實(shí)際匯率和名義匯率都將增加。：C 差異：219）預(yù)計(jì)在兩年內(nèi)發(fā)生的國內(nèi)一年期利率的增加，其他一切都將固定，在靈活的匯率制度中具有以下哪些影

31、響？A）實(shí)際匯率將隨著名義匯率的變化而增加。 B）名義匯率將隨著實(shí)際匯率的變化而增加。 C）實(shí)際匯率和名義匯率都會增加。D）名義匯率或?qū)嶋H匯率無變化。：C 差異：120）假設(shè)A國將其名義匯率與B國掛鉤，而A國的通貨膨脹率高于B國。在這種情況下，A國將體驗(yàn)A）真正的欣賞。B）貿(mào)易狀況。C）實(shí)際匯率的增加。 D）以上所有內(nèi)容 E）以上都不是：D 差異：121) Sup finane a countrys been pegging its currency is faced wisituation wherel market participants now expect some future d

32、evaluation. In such a situation, we wouldgenerally expect which of the following to occur?A) a reductionhe domesticerest rate.B) an announcement by the central bt a large devaluation will occurhe near future.reduction in demand for the countrys currency.all of the abovenone of the aboveAnswer: Diff:

33、 2AAn adjustment of central paritiesrealignment.he EMS is called aB) nominal appretion or nominal depretion.real apprere-coupling.tion or real depretion.E) re-paritization.Answer: Diff: 1ADuring the EMS crisis in 1992,all the EMS countries abandoned the system.Germany abandoned the system.England an

34、d Italy abandoned the system.France was put in charge of the system.all the EMS countries stood firm, and refused to change central parities.Answer: Diff: 1CAfter continuing crises in 1993, the EMS countriesagreed to entirely abandon the system.stood firm, refusing to adjust central parities.narrowe

35、d the band of allowable fluctuations around central parities.D) removed France from its leading rolehe system.E) widened the band of allowable fluctuations around central parities.Answer: Diff: 1EWhich of the following is an advantage of a common currency in Europe?each country could conduct its own

36、, independent monetary policy.B) exchange rate uncertay withhe common currency area would be eliminated.each country could conduct its own, independent fiscal policy.all of the abovenone of the aboveAnswer: Diff: 1BWhich of the following, according to the Maastricht treaty, was a condition for parti

37、cipating he common currency area?a relatively small budget deficit-to-GDP ratioB)easlf the population of the country must speak German, French and English t any future devaluations will be announced in advanceC) a promiseD) the replacement of the countrys prime minister wi of Europen appoee of the n

38、ew United SesE) a relatively small amount of foreign aid to countries outside the areaAnswer: Diff: 1A27)When policy makers decide to devalue the currency, such an action generally representsA) a decito let the currency float.B) an increasehe pegged value of the domestic currency. he foreign price l

39、evel.he domestic price level.a reductiona reductionE) none of the aboveAnswer: Diff: 1D28) When policy makers decide to revalue the currency, such an action generally representsA) an increasehe pegged value of the domestic currency.B) a decito let the currency float.C) a reductionhe foreign price le

40、vel. he domestic price level.D) an increaseE) none of the above Answer:ADiff: 129)Supe the countryt pegs its currency has an overvalued real exchange rate andtoutput is currently above the natural level of output. Which of the following will occur as the economy adjusts to this situation?A) P will d

41、ecrease over time until Y = Yn.B) a reduction curve.he pegged value of the domestic currency will cause a leftward shift of the ADC) net exports will increase as the economy adjusts to this situation.domestic goods willnone of the abovee less competitive as the economy adjusts by itself.Answer: Diff

42、: 1D30) Amet policy makers are pursuing a fixed exchange rate regime andt the economyis initially operating at the natural level. Which of the following will occur as a result of a evaluation?the real exchange rate will be permanently higherthe real exchange rate will be permanently lowerhe medium r

43、un. he medium run.C) the effects of this devaluation on the real exchange rate will be ambiguoushe medium run.the nominal exchange rate will initially increase medium run.none of the abovehe short run and then decreaseheAnswer: Diff: 1E21）假設(shè)一個一直盯住其貨幣的國家著參與者現(xiàn)在期望未來貶值的情況。在這種情況下，通常會預(yù)期會發(fā)生以下哪種情況？A）國內(nèi)利率下降。

44、B）宣布在的將來將出現(xiàn)大幅貶值。C）減少對該國貨幣的需求。 D）以上所有內(nèi)容 E）以上都不是：A 差異：222）對EMSA）重新調(diào)整。平價的調(diào)整稱為aB）名義升值或名義折舊。 C）實(shí)際升值或?qū)嶋H折舊。 D）重新耦合。 E）重新馴化。：A 差異：123）在1992年的EMS期間，A）所有EMS國家都放棄了該系統(tǒng)。 B）德國放棄了該系統(tǒng)。 C）英格蘭和意大利放棄了該系統(tǒng)。 D）法國負(fù)責(zé)該系統(tǒng)。E）所有EMS國家都堅(jiān)定，并：C 差異：1改變平價。24）在1993年繼續(xù)發(fā)生 A）同意完全放棄該系統(tǒng)。之后，EMS國家B）堅(jiān)定不移，調(diào)整中心。C）縮小中心周圍允許波動的范圍。D）將法國從其在該系統(tǒng)中的主導(dǎo)作

45、用中刪除。 E）擴(kuò)大了中心周圍允許波動的范圍。：E 差異：125）以下哪項(xiàng)是歐洲共同貨幣的優(yōu)勢？ A）每個國家都可以實(shí)施自己獨(dú)立的貨幣政策。 B）共同貨幣區(qū)內(nèi)的匯率不確定性將被消除。 C）每個國家都可以實(shí)施自己獨(dú)立的財(cái)政政策。 D）以上所有內(nèi)容E）以上都不是：B 差異：126）根據(jù) A）相對較小的條約，以下哪一項(xiàng)是參與共同貨幣區(qū)的條件？赤字與GDP比率B）該國至少有一半的必須講德語，法語和英語C）承諾任何未來的貨幣貶值將提前D）以新任“歐洲”的任命取代該國E）對該地區(qū)以外國家的外援相對較少：A 差異：127）當(dāng)政策制定者決定貶值貨幣時，這種行為通常代表著 A）決定讓貨幣浮動。B）本國貨幣的掛鉤

46、價值增加。 C）降低國外價格水平。 D）降低國內(nèi)價格水平。 E）以上都不是：D 差異：128）當(dāng)決策者決定重新評估貨幣時，這種行為通常代表 A）本幣的掛鉤價值增加。B）決定讓貨幣浮動。 C）降低國外價格水平。 D）國內(nèi)價格水平的提高。 E）以上都不是：A 差異：129）假設(shè)釘住其貨幣的國家實(shí)際匯率被，而且該產(chǎn)出目前高于產(chǎn)出的自然水平。當(dāng)經(jīng)濟(jì)適應(yīng)這種情況時，會發(fā)生以下哪種情況？A）P將隨時間減小，直到Y(jié) = Yn。 B）本國貨幣掛鉤價值的下降將導(dǎo)致AD曲線向左移動。 C）隨著經(jīng)濟(jì)適應(yīng)這種情況，凈出口將增加。 D）隨著經(jīng)濟(jì)自身調(diào)整，國內(nèi)商品的競爭力將下降。 E）以上都不是：D 差異：130）假設(shè)決

47、策者正在推行固定匯率制度，而且經(jīng)濟(jì)最初是在自然水平上發(fā)生以下哪種情況？A）實(shí)際匯率將在中期持續(xù)走高。 B）實(shí)際匯率將在中期持續(xù)下降。 C）在中期，這種貶值對實(shí)際匯率的影響將是模糊的。 D）名義匯率最初將在短期內(nèi)增加，然后在中期內(nèi)減少。 E）以上都不是：E 差異：1。評估結(jié)果會31) Amet policy makers are pursuing a fixed exchange rate regime andt the economyis initially operating at the natural level of output. Which of the following wil

48、l occur as a result of a revaluation?the real exchange rate will be permanently higherthe real exchange rate will be permanently lowerhe medium run. he medium run.the effects of this revaluation on the real exchange rate will be ambiguousthe real exchange rate will be unchangededium run.he medium ru

49、n.E) the nominal exchange will initially fallhe short run and then increasehe medium run.Answer: Diff: 1D32) Amet policy makers are pursuing a fixed exchange rate regime. Amet theeconomy is initially operating at the natural level (i.e., Y = Yn). Supe fiscal policy makersincrease taxes. This fiscal

50、contraction will cause which of the following?the real exchange rate will be permanently higherthe real exchange rate will be permanently lowerhe medium run. he medium run.C) the effects of this devaluation on the real exchange rate will be ambiguoushe medium run.the real exchange rate will be uncha

51、ngednone of the abovehe medium run.Answer: Diff: 1A33) Amet policy makers are pursuing a fixed exchange rate regime. Amet theeconomy is initially operating at the natural level (i.e., Y = Yn). Supe an increase in wealthcauses households to increase consumption. This wealth-induced increase in consum

52、ption will cause which of the following to occur?the real exchange rate will be permanently higherthe real exchange rate will be permanently lowerhe medium run. he medium run.C) the effects of this devaluation on the real exchange rate will be ambiguoushe medium run.D) the real exchange rate will be

53、 unchangedhe medium run.Answer: Diff: 1B34)A number of situations can ariset will cause individuals to bevet policy makersmight change the pegged value of a fixed exchange rate. Supe finanl market participantsexpect a revaluationhe future. Theerest parity condition will be maained if which of thefol

54、lowing policy actions are takenhe current period?a reductionan increase in ia reduction in ian increase inhe pegged value of the domestic currencyernment spendingAnswer: Diff: 1C35)For this question, amet policy makers are pursuing a fixed exchange rate regime andt output is initially lessn the natu

55、ral level of output. The economy will tend to movetoward the natural level of output when which of the following occur?A) an increasehe price levelB) a devaluation of the currencyan increasea reductionhe domesticerest ratehe foreign price levelE) none of the aboveAnswer: Diff: 1B36) For this questio

56、n, amet policy makers are pursuing a fixed exchange rate regime and n the natural level of output. The economy will tend to movet output is initially greatertoward the natural level of output when which of the following occur?A) an increasehe price levelB) a devaluation of the currencya reductionan

57、increasehe domesticerest ratehe foreign price levelE) none of the aboveAnswer: Diff: 1A37)European currencies taken out of circulation and replaced with the Euro in A) 1992.B) 1997.C) 1999.D) 2004.E) none of the aboveAnswer: Diff: 1E38)The new European Central BEnglandItalyFranceSpainGermanyis locat

58、ed in which country?Answer: Diff: 1E39)Policy makers can select from a number of different exchange rate regimes and exchange rate policies. Which of the following policies would most likely represent a hard peg?a revaluationa devaluationa flexible exchange rate regimea dollarizationAnswer: Diff: 1D

59、40)Policy makers can select from a number of different exchange rate regimes. One of those options is a hard peg. Which of the following best represents a hard peg?a revaluationa currency boarda flexible exchange rate regimethe EMSnone of the aboveAnswer: Diff: 1B31）假設(shè)決策者正在推行固定匯率制度，而且經(jīng)濟(jì)最初是在自然產(chǎn)出水平上會發(fā)

60、生以下哪種情況？A）實(shí)際匯率將在中期持續(xù)走高。 B）實(shí)際匯率將在中期持續(xù)下降。 C）在中期，這種重估對實(shí)際匯率的影響將是模糊的。 D）實(shí)際匯率在中期內(nèi)將保持不變。 E）名義交易最初將在短期內(nèi)下降，然后在中期內(nèi)增加。：D 差異：1。重估后32）假設(shè)決策者正在推行固定匯率制度。假設(shè)經(jīng)濟(jì)最初在自然水平上即，Y = Yn）。假設(shè)財(cái)政決策者增加。這種財(cái)政緊縮會導(dǎo)致以下哪一項(xiàng)？A）實(shí)際匯率將在中期持續(xù)走高。 B）實(shí)際匯率將在中期持續(xù)下降。 C）在中期，這種貶值對實(shí)際匯率的影響將是模糊的。 D）實(shí)際匯率在中期內(nèi)將保持不變。E）以上都不是：A差異：133）假設(shè)決策者正在推行固定匯率制度。假設(shè)經(jīng)濟(jì)最初在自然水平