货币金融学 第11版课后习题答案米什金_11版答案_mishkin_11th_solution.pdf

PART TWO Answers to End-of-Chapter QuestionsandProblems Mishkin Instructor’sManual for TheEconomics of Money,Banking, andFinancialMarkets, Eleventh Edition,GE 21 Chapter 1 ANSWERSTO QUESTIONS 1. Whatis the typicalrelationship among interestrates on three-month Treasury bills, long- term Treasury bonds, andBaacorporate bonds? Theinterest rateonthree-monthTreasurybillsfluctuatesmorethantheotherinterest ratesandisloweron average.Theinterest rate on Baa corporatebondsishigher on averagethanthe otherinterest rates. 2. Whateffectmightafallinstockprices haveonbusiness investment? Thelower pricefora firm’s sharesmeansthat it can raiseasmaller amount offunds, so investment in facilitiesandequipmentwill fall. 3. Whateffectmighta riseinstockprices have onconsumers’decisions tospend? Higher stock pricesmeanthat consumers’wealth ishigher, andthey willbemorelikely toincreasetheir spending. 4. Why arefinancialmarkets important to thehealth of theeconomy? They channel funds from peoplewho donot haveaproductiveuse forthemtopeople who do, thereby resulting inhigher economic efficiency. 5. Whatwas themaincause of therecession thatbeganin2007? TheUnited Stateseconomy washit by theworst financial crisis sincethe Great Depression.Defaults in subprimeresidential mortgagesledtomajorlossesin financial institutions, producing not only numerousbankfailures,but alsothedemiseoftwoofthe largestinvestmentbanksintheUnitedStates.Thesefactorsledtothe“Great Recession” which beganlatein 2007. 6. Whatis thebasic activity of banks? Thebasicactivity ofbanksistoaccept depositsandmakeloans. 7. Whatare the other importantfinancialintermediaries in theeconomy, besides banks? Savings andloan associations, mutual savingsbanks, credit unions, insurance companies, mutual funds, pension funds, andfinancecompanies. ©