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1、An investor takes a long position in 3 December gold futures contracts on June 5.

contract
size is 100 oz.futures price is US$900,margin requirement is US$2,000/contract (US$6,000 in
total)maintenance margin is US$1,500/contract (US$4,500 in total).Suppose for next four
days,the gold price is $903、$898、$911 and $896,please calculate daily gain(loss)、cumulative
gain(loss)、margin account balance and margin call?

2、Suppose assets are not perfect substitutes. In particular, suppose that the domestic country

must pay a risk premium given by


  0.0004
(B - A),where B denotes the stock of domestic

government debt held by the public(not the central bank)and A denotes domestic assets held by
the central bank. In this way Rd=Rf-(Eet+1-Et)/Et +0.0004(B-A).Assume that the domestic real
demand for liquidity is L(R,Y)=2Y/500R,the domestic income is 10000 and the foreign interest rate

is 15%.Assume also that B=1100,A=700 and M


s
 1000 .

Finally, suppose that the nominal exchange rate is Et =1.2and that P=1.5

(1):What is the domestic interest rate R?(Answer with a number instead of a percentage)

(2): What is the risk premium for the domestic currency?(Answer with a number instead of a
percentage)

(3): What is the equilibrium exchange rate for Eet+1?

3、Suppose the central bank of country X has $800 million in foreign assets, $1000 million in
domestic assets, and holds $900 million in required reserve deposits and $300 million in excess
reserve by private banks.

(1)How much currency in circulation is there in country X(in millions)?

(2)Determine the central bank’s balance sheet.(your answer should follow the format
DA=XXX,FA=XXX,MC=XXX,RR=XXX ER=XXX where XXX is a number, and DA stands for domestic
assets?

(3)Suppose the Central bank engages in a sterilized sailing of foreign assets in the accounts of
$200 million countered by domestic assets .Determine the new balance sheet. (Your answer
should follow the format DA=XXX,MC=XXX,BD=XXX Where XXX is a number, and DA stands for
domestic assets, FA stands for foreign assets, MC stands for currency in circulation and RR and ER
stands for bank deposits.)
4、Suppose that the quantity of money demanded in circulation is determined by the formula:
Md =Y2/3 R-1/2 ,Y(GDP of the country )is 27000,and the interest rate R is 16%. and the money
supply is 2000,please calculate the gap between Md and MS? in order to achieve balance, we
need to increase or decrease the interest rate?

5、Suppose that in a country the real demand for liquidity is L(R,Y)=2Y/100R.Assume that the
interest rate in the foreign country is 28%(R*=0.28),the domestic income is $1000 billion and the
domestic price level is P=1.4.As a central banker, you want to keep the nominal exchange rate
fixed at E=1.2.

(1):What should be the domestic interest rate?(Answer with a number instead of a percentage)

(2):What should the nominal money supply be(in billions)?

(3):If the money supply in the foreign country decreases, in order to keep the exchange rate fixed
the domestic central bank must(choose... )(increase/decrease)the domestic money supply.
Moreover,if the domestic aggregate income increases, the domestic central bank
must(choose... )(increase/decrease)the domestic money supply.

(4):Therefore, in a fixed exchange rate regime, the central bank(choose... )(can/can’t)have


the ability to conduct an active monetary policy.