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ECW3143 澳洲essay代写

    Section B: Answer question 4 or question 5 – DO NOT ATTEMPT BOTH
     
    These questions focus on the general topic area of ‘interest rates’.
     ECW3143  澳洲essay代写
    Review weeks 2 and3 – Chapter  4, 5 and 6 of Mishkin.
    The concepts to know:
    ·         Interest rate risk. Why long term interest rates pose higher risks than short term rates? Give some numerical examples.
    ·         The distinction between returns and interest rates
    ·         The term structure of interest rates
    ·         Link between term structure and the yield curve
    ·         Slopes of yield curves
    ·         ‘Expectations‘ theory, ‘segmented market’ theory and ‘liquidity premium and preferred habitat’ theory.
    ·         Assumptions behind each of these theories
    ·         What ‘empirical facts’ does each explain? Which fact(s) does each not explain (if any)?
    ·         How does each theory relate to the slope of the yield curve?
    ·         How are interest rates calculated according to expectations theory – e.g. two-year interest rates and one-year interest rates over two years?
    ·         The meaning of the terms “term premium” or “liquidity premium” .  How does accounting for these terms change the long term interest rate estimations that are calculated using the expectations theory?
    ·         The pattern connecting longterm interest rates to the business cycles (use the yield curve approach).
     
     
    Section C: Answer question 6 or question 7 – DO NOT ATTEMPT BOTH
     
    These questions focus on the general topic area of exchange rates.
    Review week 10 – Chapter  19 of Mishkin
     
    Think  about:
     
    ·         Why do some countries accumulate huge international reserves?   What are the advantages and disadvantages of such policy?
    ·         What factors affect the exchange rate in the long run?
    ·         What factors affect the exchange rate in the short run?
    ·         Advantages and disadvantages of exchange rate targeting.
    ·         Advantages and disadvantages of using a common currency or currency board.
    ·         Advantages and disadvantages of borrowing inforeigncurrencies by the governments of developing and middle-income countries.
     
    Section D: Answer question 8 or question 9 – DO NOT ATTEMPT BOTH
     
    These questions focus on the general topic area of monetary policy.
    Review weeks8 and 10 – Chapters 16, 17 and 26 of Mishkin.
    Think about:
    1.      Aims and tools of monetary policy.
    2.      What are the advantages and disadvantages on monetary targeting?
    3.      What are the advantages and disadvantages of inflation targeting?
    4.      Review channels of monetary policy – traditional interest rate channels and ‘other’ asset price channels (e.g. exchange rate effects, Tobin’s q (effect via the stock market) and wealth effects.
    5.      Explain the reasons behind the non-conventional monetary policies. What may be the implications of such policies?
    6.      Two important instruments of monetary policy those are not available to countries that share common currency.
    7.      The advantagesof joining the common currency.
     
    Practice questions
    1.      Explain how a bank facing a sudden deposit withdrawal solves the problem of liquidity.
    2.      If in some country the one-month interest rate is 2.5 percent and the two-month interest rate equals 2.9 percent, use the pure expectations theory to calculate the implicit forecast of the one-month rate 30 days into the future. Discuss an important limitation of the expectations theory.
    3.      Explain what is meant by a horizontal yield curve. Why is the yield curve only rarely horizontal? Why is it a bad sign for the macro economy when the yield curve has a negative slope? 
    4.      Explain why interest rate risk faced by investors increases with the term of maturity.
    5.      If tomorrow the Reserve Bank of Australia increases the policy rate (short rate related to the interest rate in the market for bank reserves ) but the Federal Reserve in the US keeps the policy rate unchanged, what will be the likely reaction of the exchange rate between the two currencies? Use diagrams and/or balance sheets to illustrate and make sure you do not write “higher” or “lower” but indicate clearly which currency will get stronger.
    6.      Discuss why some countries accumulate huge international reserves
    7.      Discuss the risks a country faces when its government borrows excessively ( both domestically and internationally).
    8.      As you will note, all such questions require insight in ideas and theories, but will not require you to memorize historical or institutional details of different countries. That will also be true in the real exam: it is only the first question, already given to you, where you may want to refer to different experiences in different countries.