高級程度考試經(jīng)濟科(試卷二)乙部及丙部分類問題 答案

1、高級程度考試經(jīng)濟科(試卷二)乙部及丙部分類問題 答案課題: 貨幣需求1. (92.7)答案l 貨幣的需求視乎以下的因素:l 持有貨幣的機會成本，是以其他金融資產(chǎn)的利息回報計算的，例如債券。l 國民收入及經(jīng)濟活動的水平與貨幣需求有直接的關係。l 其他因素，例如技術及制度的原因、對通脹的預期、資產(chǎn)轉換的成本、總財富等。#注意:同學們應解釋這些因素如何影響貨幣的需求。b.l 正數(shù)的利息差別有利於外國的貨幣l 對香港的政治前景不肯定l 對港幣貶值感到恐懼(註:資產(chǎn)性外匯需求跟資產(chǎn)性貨幣需求並不相同)2. (94.7)a貨幣數(shù)量論（Quantity theory of money, QTM）：貨幣的供應

2、，貨幣流速率，一般物價水平，實質收入在均衡時，貨幣的需求貨幣的供應，M=Md M=kPYMV=PYM=PY/VkPY=PY/Vk=1/V在貨幣數(shù)量論下，k與V（貨幣流速率）是互為倒數(shù)的關係。b當電子貨幣的使用更普遍貨幣交易性需求下降下降上升貨幣的流通速度增加。3.(a)According to the Quantity Theory of Money, demand for money is a fixed proportion of the total value of transactions in the economy :Md = kPTk depends on the financi

3、al system (e.g. credit card), the synchronization of payment and receipt, and expenditure pattern.8(b)If one individual has more money balances than he wants, he can always spend it without affecting the price level since his expenditure is negligible relative to the society as a whole. Thus to the

4、individual, price is fixed and he can adjust the nominal balances to whatever level he wants.On the other hand, when all individuals (the society) attempt to reduce their nominal balances, this will increase the price level. Moreover, the nominal money stock is fixed to a society as a whole. By vary

5、ing its expenditure and hence affecting the price level, the society as a whole can only adjust the real money stock.164. (898)(a) Description of transaction and asset demands for money.9(b)If demand for money does not fluctuate, an increase in money supply will shift the LM curve to the right and a

6、 decrease in money supply will shift the LM curve to the left and hence enables the government to influence the economy. However, if demand for money fluctuates, an increase in money supply can be neutralized by an increase in demand for money leaving the LM curve and the equilibrium level of income

7、 unaffected.(Remark:The above diagrams show the case where fluctuations in the demand for money completely neutralize the effect of changes in money supply. Answers where neutralization is partial should be given full credit.)5. (854)i.explanation of velocity of circulation Vii.explanation that V =

8、PQ/M or MV = PQ always hold, since that is a definitioniii.derivation of Quantity Theory of Money from MV = PQ 10AlternativeFull marks for answers showing :i.clear understanding of velocity (V) and the Quantity Theory of Moneyii.the distinction between the two -Deduct 3 marks for mistaking the Equat

9、ion of Exchange and the Quantity Theory of Money as equivalents.- 1-2 marks for answers giving correct explanation of Velocity/Quantity Theory of Money BUT FAILING to explain the other correctly.6. (911).Consider a model with two assets : money and bonds (or interest-yielding assets).i.Opportunity c

10、ost of holding money = highest-valued foregone option of holding other assets.Opportunity cost of holding money - return from bonds = nominal interest.ii.When the price level is assumed to be fixed, the nominal interest = real interest.10Consider a model with two assets : money and bonds (or interes

11、t-yielding assets).i. Opportunity cost of holding money = highest-valued foregone option of holding other assets.Opportunity cost of holding money - return from bonds = nominal interest.ii. When the price level is assumed to be fixed, the nominal interest = real interest.107. (912)Ans.i. Explain MV

12、= PY as a sheer identity in accounting. It is only when and that an exogenous change in M gives rise to an equi-proportional (endogenous) change in P, the money price level. is always a constant - prediction of the classical QTM.ii. The classical QTM is used in conjunction with the classical theory, which states that (in the long run) flexible relative prices imply full employment. in this con