The Economics of Money, Banking and Financial Markets (11th 11E - Mishkin - TB chapter 18

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1、EconomicsofMoney,Banking,andFinancialMarkets,11e(Mishkin)Chapter18TheInternationalFinancialSystem18.1InterventionintheForeignExchangeMarket1)Acentralbank________ofdomesticcurrencyandcorresponding________offoreignassetsintheforeignexchangemarketleadstoanequaldeclinei

2、nitsinternationalreservesandthemonetarybase,everythingelseheldconstant.A)sale;purchaseB)sale;saleC)purchase;saleD)purchase;purchaseAnswer:CAACSB:AnalyticalThinking2)Acentralbank________ofdomesticcurrencyandcorresponding________offoreignassetsintheforeignexchangemark

3、etleadstoanequalincreaseinitsinternationalreservesandthemonetarybase,everythingelseheldconstant.A)sale;purchaseB)sale;saleC)purchase;saleD)purchase;purchaseAnswer:AAACSB:AnalyticalThinking3)SupposethattheBankofJapanbuysU.S.dollarassetswithyen-denominatedassets.Every

4、thingelseheldconstant,thistransactionwillcause________intheforeignassetsheldbytheFederalReserveand________intheU.S.monetarybase.A)anincrease;anincreaseB)anincrease;adecreaseC)adecrease;anincreaseD)adecrease;adecreaseAnswer:AAACSB:AnalyticalThinking4)SupposethattheBa

5、nkofJapanbuysyen-denominatedassetswithU.S.dollarassets.Everythingelseheldconstant,thistransactionwillcause________intheforeignassetsheldbytheFederalReserveand________intheU.S.monetarybase.A)anincrease;anincreaseB)anincrease;adecreaseC)adecrease;anincreaseD)adecrease

6、;adecreaseAnswer:DAACSB:AnalyticalThinking26Copyright©2016PearsonEducation,Inc.5)Whenthecentralbankallowsthepurchaseorsaleofdomesticcurrencytohaveaneffectonthemonetarybase,itiscalledA)anunsterilizedforeignexchangeintervention.B)asterilizedforeignexchangeintervention

7、.C)anexchangeratefeedbackrule.D)amoneyneutralforeignexchangeintervention.Answer:AAACSB:ReflectiveThinking6)AforeignexchangeinterventionwithanoffsettingopenmarketoperationthatleavesthemonetarybaseunchangediscalledA)anunsterilizedforeignexchangeintervention.B)asterili

8、zedforeignexchangeintervention.C)anexchangeratefeedbackrule.D)amoneyneutralforeignexchangeintervention.Answer:BAACSB:ReflectiveThinking7)E