课程名称︰国际金融
课程性质︰必修
课程教师︰曹添旺
开课学院：社会科学院
开课系所︰经济学系
考试日期（年月日）︰2019.06.13
考试时限（分钟）：110
试题 :
1.(20%)
(a) Prove that the Marshall-Lerner condition is still the correct condition necessary and sufficient for a real depreciation improves CA*, the current account expressed in the foreign currency. starting from CA*=0
(b) Starting from CA*<0, is the Marshall-Lerner condition too strong or too weak for a real depreciaiton to improve the current account.
2.(20%)
Assume an increase in the money supply raises real output in the short run. How does this affect the extent to which the exchange rate overshoots when money supply first increase? Is it likely that the exchange rate undershoots? Use the DD-AA diagram to explain your results.
3.(20%)
The DD-AA model takes the price level P as given in the short run, but in the reality the currency appreciaiton caused by a permanent fiscal expansion might cause P to fall a bit by lowering some import prices. If P can fall slightly as a result of a permanent fiscal expansion, is it still true that there are no output effects? (Assume an initial long-run equilibrium.)
4.(10%)
A country imposes a tariff on imports from abroad. How does this action change the long-run real exchange rate between the home and foreign currencies? How is the long-run nominal exchange rate affected?
5.(10%)
Discuss the following statement: ''When a change in a country's nominal interest rate is caused by a rise in the expected real interest rate, the domestic currency appreciates. When the change is caused by a rise in expected inflation, the currency depreciates.''
6.(20%)
Assume the growth rate of the U.S. money supply is 5%, the growth rate of Europe money supply is 4%, and the interest rate of Europe is 3%. To prevent the economy overshooting, the Federal Reserve System decrease the growth rate of the U.S. money supply to 4% permanently. All else equal, please use four different figures and plot the time paths showing the effects of this monetary policy on (a) U.S. money supply (b) the dollar interest rate (c) the U.S. price level (d) the dollar/euro exchange rate.