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1、Mishkin•Instructor’sManualforTheEconomicsofMoney,Banking,andFinancialMarkets,EleventhEdition296PartThreeAnswerstoEnd-of-ChapterQuestionsandProblems©2016PearsonInc.Allrightsreserved.Mishkin•Instructor’sManualforTheEconomicsofMoney,Banking,andFinancialMarkets,EleventhEdition296
2、Chapter1ANSWERSTOQUESTIONS1.Whatisthetypicalrelationshipamonginterestratesonthree-monthTreasurybills,long-termTreasurybonds,andBaacorporatebonds?Theinterestrateonthree-monthTreasurybillsfluctuatesmorethantheotherinterestratesandisloweronaverage.TheinterestrateonBaacorporatebo
3、ndsishigheronaveragethantheotherinterestrates.2.Whateffectmightafallinstockpriceshaveonbusinessinvestment?Thelowerpriceforafirm’ssharesmeansthatitcanraiseasmalleramountoffunds,soinvestmentinfacilitiesandequipmentwillfall.3.Whateffectmightariseinstockpriceshaveonconsumers’deci
4、sionstospend?Higherstockpricesmeanthatconsumers’wealthishigher,andtheywillbemorelikelytoincreasetheirspending.4.Whyarefinancialmarketsimportanttothehealthoftheeconomy?Theychannelfundsfrompeoplewhodonothaveaproductiveuseforthemtopeoplewhodo,therebyresultinginhighereconomiceffi
5、ciency.5.Whatwasthemaincauseoftherecessionthatbeganin2007?TheUnitedStateseconomywashitbytheworstfinancialcrisissincetheGreatDepression.Defaultsinsubprimeresidentialmortgagesledtomajorlossesinfinancialinstitutions,producingnotonlynumerousbankfailures,butalsothedemiseoftwoofthe
6、largestinvestmentbanksintheUnitedStates.Thesefactorsledtothe“GreatRecession”whichbeganlatein2007.6.Whatisthebasicactivityofbanks?Thebasicactivityofbanksistoacceptdepositsandmakeloans.7.Whataretheotherimportantfinancialintermediariesintheeconomy,besidesbanks?Savingsandloanasso
7、ciations,mutualsavingsbanks,creditunions,insurancecompanies,mutualfunds,pensionfunds,andfinancecompanies.©2016PearsonInc.Allrightsreserved.Mishkin•Instructor’sManualforTheEconomicsofMoney,Banking,andFinancialMarkets,EleventhEdition2961.Canyouthinkofanyfinancialinnovationinthe
8、pasttenyearsthathasaffectedyoupersonally?Hasitmadeyoubetterofforwors
