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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑
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CFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点- _; f x# K, ^* ?. S
Learning Outcome Statements (LOS) , Y2 L6 I! ^6 Y0 g
a. Compare monetary and fiscal policy) ?; N7 L l: r+ D; `, [! r
b. Describe functions and definitions of money$ J" C$ b, \$ [. I6 ^/ Z; `
c. Explain the money creation process
4 ]/ ^& W1 q' A0 l! H5 o$ Q- dd. Describe theories of the demand for and supply of money- [" d5 ^2 d2 W, {: m* D
e. Describe the Fisher effect. R, C* i( p3 ^( \" Y3 E
f. Describe the roles and objectives of central banks
+ O9 |0 s( p/ L# Mg. Contrast the costs of expected and unexpected
) A8 p4 p2 `9 y4 L- gh. Describe the implementation of monetary policy( E5 q4 w7 Y" C% f" J$ u' D& q
i. Describe the qualities of effective central banks
1 B f5 j/ I# fj. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates- }; U: f$ U! B1 b; I( M
k. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks
$ o+ Z% }6 R/ Cl. Determine whether a monetary policy is expansionary or contractionary
- v8 J e+ @5 c( ]$ d4 p! lm. Describe the limitations of monetary policy
) r0 t& A$ a' \, _ Z+ t- Gn. Describe the roles and objectives of fiscal policy; d6 y. n2 K, S" ?- U
o. Describe the tools of fiscal policy, including their advantages and disadvantages
9 N' B1 L% K$ S0 R1 pp. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)$ x9 V7 T# X3 V% t
q. Explain the implementation of fiscal policy and the difficulties of implementation( o' i7 \2 A* }5 F5 F! E" B
r. Determine whether a fiscal policy is expansionary or contractionary' H l0 f; F" F$ n n6 z2 b. w
s. Explain the interaction of monetary and fiscal policy* \: L# o9 F( w4 `+ ?$ {
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Exercise Problems：8 ?7 B9 @. K0 d6 }1 B
1. The monetary policy tools available to the Federal Reserve are least likely to include：
; q% L" W* o1 J# g F" \A. Open market operations 9 }" k" x3 o A7 I+ k) h
B. The ability to determine the required reserve ratios of its member banks
6 V W3 R/ n* V4 ], lC. Adjustments to the amount of gold held as reserves against Federal Reserve notes
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2 O8 D; l. n4 ~& u答案和详解，登录后回复可见： 9 `: f: N* ~2 M/ k$ s. u
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8 Q C# Q6 O! U7 \) ?2. The primary monetary policy goal of most major central banks is best characterized as：
5 p3 H/ d$ A2 pA. Containing inflation
0 n* v! p6 G! o! b% IB. Stimulating economic growth
! e7 x4 h, a, L4 V7 D. i! _" {C. Maintaining low interest rates 1 ? ~( ^6 t P4 p5 U
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3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money?
5 ?% M+ n: }0 V2 G$ N$ w' Z/ M& p6 v8 iA. Increasing reserve requirements
6 I+ w! _- Q4 C% S2 \% IB. Selling securities on the open market
# T1 E, g; T( G) R: jC. Purchasing securities on the open market
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4. In an effort to influence the economy, a central bank conducted open market activities by selling government bonds. This implies that the central banks is most likely attempting to：
f$ d" `8 b K3 W/ ^, f' b2 XA. Contract the economy by reducing bank reserves & e- S! N7 y) k7 W
B. Expand the economy through a lower policy interest rate * p0 {7 R0 Y c. I8 ]) p4 @ m
C. Contract the economy through a lower policy interest rate
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5. If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely：
* u9 i4 T$ P- e$ ^4 J* p" y: W* xA. increase ; R& G6 y$ O- @8 a
B. decrease
0 b+ x* c/ y! R* i- K6 d K: [C. remain unchanged
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发表于 2016-1-19 09:36:44
发表于 2016-1-25 10:41:11
让我对对答案吧，大神们