这个作业是完成利率、货币市场等的宏观经济问题

Econ 7520 Workbook question

1.这个问题与利率平价条件有关。
一个。对于以下情况,请计算国内(美元)和国外(欧元)收益率之间的差异:

美元利率欧元利率预期欧元升值差异
1 0.11 0.12 -0.03
2 0.12 0.1 0.02
3 0.13 0.14 0.01
4 0.04 0.09 -0.04

b。如果存在完美的资本流动性,请说明在以上每种情况下会发生什么。
C。对于问题的这一部分,请忽略上述有关“欧元预期升值”的信息。如果严格遵守担保的利率平价条件,远期汇率为每欧元1.5美元,那么在上述每种情况下的即期汇率是多少?

注意:上面问题1.(b)的原始措词有误。最初的措辞是“如果严格遵守利率平价条件,请说明在上述每种情况下会发生什么?”请忽略这个问题。现在,上面突出显示了正确的问题。感谢Anamul Haque处理错误。

2.一起考虑短期货币市场模型(来自wk#4)和短期汇率模型(来自wk#3):
一个。在单个图形中绘制组合模型,显示初始国内利率(r1)和初始汇率(e1)
b。说明短期模型将如何随着国内货币供应量的减少而发生变化,尤其要注意对国内利率,汇率和价格水平的影响
C。在(b)部分之后,解释汇率变化的原因
d。从长远来看,这将对国内利率,汇率和价格水平产生什么影响?

3.考虑以下可贷资金市场的供需计划。对于以下所有问题,假定这是一个具有完善资本流动性的小型开放经济。

利率国内LF供应国内LF需求国际LF供应;风险调整
0%20200 0
1%30180 0
2%40160 0
3%50140100
4%60120200
5%70100300
6%80 80400
7%90 60 500
8%100 40600
9%110 20 700

一个。使用前三列绘制图形,并指示均衡的国内利率以及投资和储蓄水平。 (目前您可以忽略最后一列。)
b。如果世界利率为3%,并且没有风险溢价,那么国内储蓄,国内投资和资本账户的水平是多少?
C。现在考虑第4列,该列显示国际资本供应,这需要高于100美元的国际借款的风险溢价。这如何改变上述问题(3b)的答案?
d。考虑一下如果可贷资金的需求增加一倍会发生什么。这将如何改变国内储蓄,国内投资,资本账户和利率水平?

注意:第一个工作簿问题的措词有误。 “ T-03问题”文档已被编辑,现在包括更新的问题。请确保您回答更新的问题。

4. Assume the reference commodity costs 200 US dollars in New York, 360 Australian dollars in Sydney, 120 pounds sterling in London, 800 yuan in Shanghai and 22,000 yen in Tokyo.

a. What exchange rates are predicted by the PPP model? List the price of the Australian dollar, British Pound, Chinese Yuan and Japanese Yen, as measured in US dollars.

b. Assume the following current spot exchange rates:
• us$0.60 per Australian dollar
• us$1.70 per British pound
• us$0.20 per Chinese yuan
• us$0.01 per Japanese yen
How do these spot rates compare with the PPP predictions? Which currencies are “overvalued” and which are “undervalued”, based on PPP theory?

c. Calculate the real exchange rate for each of the above currencies (measured in US dollars).

5. Draw the AA/DD model on a graph. Show on the graph the impact of a permanent increase in money supply. What is the impact on the following variables:
a. Short-run output
b. Long-run output
c. Short-run interest rates
d. Long-run interest rates
e. Short-run exchange rates
f. Long-run exchange rates
g. Short-run prices
h. Long-run prices

6. An important difference between fixed and floating exchange rates is the impact on monetary policy. This difference is framed by some economists as being a benefit of floating exchange rates, but other economists frame the same thing as a benefit of fixed exchange rates. Explain each side of the argument, and then give your own opinion.

7. Explain the pillars of the Bretton Woods financial system, and how they were designed to resolve the financial instability of previous decades

.
8. Using both the arguments from the previous lecture about floating exchange rates and the theory of optimal currency unions, make the arguments both for and against the idea of having a single Australia & New Zealand currency

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9. Consider the following investment opportunities:

A = pays $22,000 with 50% probability and $0 with 50% probability
B = pays $25,000 with 20% probability and $6,000 with 80% probability
C = pays $15,000 with 60% probability and $3000 with 40% probability
D = pays $10,000 with total certainty.

a. What is the expected return for each investment opportunity?
b. List the investments in order of preference for a risk neutral person.
c. If a risk-averse investor is willing to pay up to $300 to avoid risk (but they are indifferent between different risks), list the investments in their order of preference.
d. If a risk-seeking investor is willing to pay $300 to experience risk (but they are indifferent between different risks), list the investments in their order of preference.
e. Explain why a risk-averse investor would choose to have a portfolio that included a mix of the above investments.

10. Consider a situation where Kuwait has a current account deficit.
a. What can you conclude about Kuwait’s levels of domestic savings, domestic investment, international capital flows, and their capital account?
b. Assuming that Kuwait has a floating exchange rate and perfect capital mobility, how would a decrease in the level of Kuwaiti savings impact their balance of payments?


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