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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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) L& L2 h- k; ]2 cCFA Level I:Economics - Monetary and fiscal policy 精选题和学习要点0 ]# \4 C- e' Q* ]3 |
Learning Outcome Statements (LOS) i6 q$ _6 r3 n
a. Compare monetary and fiscal policy I$ w3 H' k# S4 Y* V
b. Describe functions and definitions of money% F" p2 u* N! B' k N# }
c. Explain the money creation process0 g6 F% Y* r' X5 C* u, [9 O# U' I% ?
d. Describe theories of the demand for and supply of money
! e3 b: X9 {: ^$ ]' a @e. Describe the Fisher effect2 r& U% l5 x# T
f. Describe the roles and objectives of central banks8 C, ?2 R. v7 k! n% L2 f5 Z
g. Contrast the costs of expected and unexpected% b9 U! ]/ G5 v
h. Describe the implementation of monetary policy
% l/ e8 }% C( c) o* V* ^) q* m# r8 Ai. Describe the qualities of effective central banks
* s, \" K- W0 \3 c/ cj. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
+ P9 G0 E1 e/ P" \& {5 }3 _/ q# bk. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks& S$ J' n3 D! \% j
l. Determine whether a monetary policy is expansionary or contractionary0 e% x6 c3 ?; J( @, d ]
m. Describe the limitations of monetary policy
2 N: R- V9 X* pn. Describe the roles and objectives of fiscal policy$ ]" w5 I* c( n
o. Describe the tools of fiscal policy, including their advantages and disadvantages! L* @$ [3 m0 ^8 f0 ~
p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)
$ s7 J0 n( I! s) ^( z& h. Tq. Explain the implementation of fiscal policy and the difficulties of implementation+ C L2 v! ^! f* J3 _0 f' Y% s2 V
r. Determine whether a fiscal policy is expansionary or contractionary% K m" @2 A3 o0 q. C k6 u: j# Q* }
s. Explain the interaction of monetary and fiscal policy7 G' r0 Q, \2 Z7 \) K9 j
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Exercise Problems:- G5 C- {2 G2 z0 P$ t) f. K; f
1. The monetary policy tools available to the Federal Reserve are least likely to include:$ v7 F% b3 p- ~) }! P$ d. i% F
A. Open market operations ' r+ y; R. }$ `
B. The ability to determine the required reserve ratios of its member banks
4 S- Z* \' Y2 f7 AC. Adjustments to the amount of gold held as reserves against Federal Reserve notes . x1 d) \% I) q+ ^7 {5 I
% l) k1 a) N M& P答案和详解,登录后回复可见:
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2. The primary monetary policy goal of most major central banks is best characterized as:" E. |/ L3 K" ^) D# M% E
A. Containing inflation
7 u. H/ ~4 L! nB. Stimulating economic growth
4 K0 L8 @: u g% yC. Maintaining low interest rates
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; A0 A& \1 [4 h- O1 m6 G! C6 K, G3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money? ( M7 N* G+ v! y u
A. Increasing reserve requirements - r9 m3 x' F2 q; A
B. Selling securities on the open market & G( p7 f. L. l& I: M; K4 N
C. Purchasing securities on the open market & c: Y! ?: E8 T7 W4 A2 P' |3 i
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5 m0 v* B/ a: d* `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:3 f% N& S: r, ]
A. Contract the economy by reducing bank reserves * A6 @ q: Z4 c, ]
B. Expand the economy through a lower policy interest rate 8 ~/ p/ Q1 @ c. X4 z( Q
C. Contract the economy through a lower policy interest rate ; r% u' a9 G' O2 u8 b- e
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- N7 ]* L0 I6 Q5. 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:+ A( v1 ` |% f( W& z, }
A. increase
3 V; c3 j# S' m2 bB. decrease 2 k s6 H! Z7 C* }: V F9 r
C. remain unchanged
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