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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
8 ]; _; Z$ S) M4 y6 u) ?Learning Outcome Statements (LOS) * P- Q3 M4 X$ H7 s: w9 ]
a. Compare monetary and fiscal policy( f, P& e. L c: n
b. Describe functions and definitions of money* ~. g* A2 M2 d* F& i
c. Explain the money creation process, m5 R* A# O4 ]. Y" P) |
d. Describe theories of the demand for and supply of money# O: q1 s9 [: N9 I3 G+ M
e. Describe the Fisher effect; z5 d4 f7 m5 ~" }/ G- D
f. Describe the roles and objectives of central banks5 `4 ?- x1 s$ P( V
g. Contrast the costs of expected and unexpected; ~; _ b# H& M- A
h. Describe the implementation of monetary policy
* Z& A- e5 w: ?8 H( T) _i. Describe the qualities of effective central banks
2 Z. i R6 z2 W0 U( Hj. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
0 i8 T4 T: |- h1 K. s6 pk. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks
' D# u( u3 t6 m; C) Ol. Determine whether a monetary policy is expansionary or contractionary
& J' Q% K0 ?: ^4 P' {; xm. Describe the limitations of monetary policy
0 b) e; G$ ~6 G" w) v; Hn. Describe the roles and objectives of fiscal policy
% w# W, J; d- Ro. Describe the tools of fiscal policy, including their advantages and disadvantages
& G! W* C4 r( |7 |7 Q! {+ @p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)
( m5 `1 |$ E% M9 G/ D5 {! }q. Explain the implementation of fiscal policy and the difficulties of implementation
1 Q- i w; W, y. _r. Determine whether a fiscal policy is expansionary or contractionary/ k; G8 n I& s/ ^4 `0 {4 N
s. Explain the interaction of monetary and fiscal policy4 }6 l y% U, z8 N+ y
3 j1 Q0 d( ~( {8 p- Y/ uExercise Problems：
0 z6 G+ {( A, C* p1. The monetary policy tools available to the Federal Reserve are least likely to include：
4 Q( g# D& m l( m3 ^. ]A. Open market operations
& I0 z% z9 s8 g' N |2 o' iB. The ability to determine the required reserve ratios of its member banks . j( T2 M# ?! f d* m
C. Adjustments to the amount of gold held as reserves against Federal Reserve notes % T9 {6 L r' Q- s
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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：
^& C" W; Z" u9 t9 TA. Containing inflation
" h. v: j( l2 |B. Stimulating economic growth
2 r% a" F, t6 S/ P# d8 T7 f- x, OC. Maintaining low interest rates + ~# E( ]4 s) Z2 N
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3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money? . K/ b7 G' ~* w7 H+ B6 \
A. Increasing reserve requirements
8 r) z$ J% p, g+ J" b% ^B. Selling securities on the open market
9 m1 }5 f2 J2 I* h! MC. Purchasing securities on the open market 8 Q5 N' d7 P1 l1 z
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, T! V( Y5 o% T) t9 ^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：
! V* I' x6 c4 v0 MA. Contract the economy by reducing bank reserves
9 t- J, Q7 K8 F# I3 zB. Expand the economy through a lower policy interest rate R5 S# ^! @0 s* c' e, x
C. Contract the economy through a lower policy interest rate
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$ P8 @$ A, m% q t3 A l5. 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：
/ @5 i. P' }) Y( pA. increase
6 n8 @. m, U% o2 R9 k# v% rB. decrease 5 Y- h7 _: c- R" [: E2 }0 O0 w
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