世新大學九十三學年度碩博士班考試試題卷

學 系 別

考 試 科 目

財務金融學系

經濟學

※考生請於答案卷內作答

 

1.      請詳細解釋下述名詞 (20分)

(A)  Financial Disintermediation

(B)   Asian Financial Crises

(C)  The Monetarist Theory of The Business Cycle

(D)  Kinked Demand Curve

 

2.      (17分)

Fred maximizes utility over the choice of bundles in . His utility function is defined as U(x1,x2)= x1 x2, where xj is the amount of good j consumed. Furthermore, his endowment is the bundle (w1,w2).

(A)  Set up and solve Fred’s maximization problem. Derive his Marshallian demand for good one and good two.

(B)   Derive the indirect utility function.

(C)  Evaluate for  (w1,w2)=(10,0). Can you conclude from this that good one is not “normal”? Explain why or why not carefully.

 

3.      (28分)

Suppose that a good, y, is produced from two inputs, x1 and x2, according to the production function y=f(x1,x2)=2(x1,x2)1/2. The demand curve for y (from price- taking consumers) is yD(p)=2(p)-2, where p is the price of y, and the competitive supply curves for the inputs are given by xiS(wi)=(wi)1/2 for i=1,2, where wi is the price of inputs.

(A)  Suppose that the y industry is made up of perfectly competitive, price-taking firms.

(a)    Derive the cost function for producing as a function of the level of y and the input prices.

(b)   Set up and solve the equilibrium conditions for the physical amounts of inputs and output and for equilibrium prices of all three commodities. Show your work and briefly explain what you are doing at each stage of the solution.

(B)   Suppose now that the industry is monopolized. Assume that the y monopolist is still a price-taker in the input markets.

(a)    Set up and solve the equilibrium conditions for the physical amounts of inputs and output and for the equilibrium prices of all three commodities. Show your work and briefly explain what you are doing at each stage of the solution.

(b)   Are the above results ((B)(a)) compared with those in Part (A) intuitively sensible? Explain carefully.

 

4.      (20分)

經濟學人雜誌(The Economist)利用各國大麥克漢堡之當地價格，與美國本土大麥克漢堡之美元價格，作出大麥克指數，以計算出各國貨幣間之實質購買力。

If the actual exchange rate is lower, then the BigMac theory says that you should expect the value of the exchange rate to go up until it reaches the PPP exchange rate. If the actual exchange rate is higher, then the BigMac theory says that you should expect the value of the exchange rate to go down until it reaches the PPP exchange rate.

(A)  What are the assumptions and economic meanings of PPP? What are the reasons or factors contributing to that PPP cannot fully explain empirical data? Discuss carefully.

(B)   請利用下表之資料計算出台灣、香港及中國大陸之實質購買力，以及匯率被高估及低估之幅度(即分別計算出與說明A、B與C欄位之數值)，並詳加陳述您對該國匯率政策之建議。

  

5.      (15分)

如果您是央行總裁，請以下圖不同定義之貨幣供給增加率之走勢圖，說明以何種定義之貨幣來決定「貨幣成長之目標區」比較妥當，請以MIA與MIB相比較，M2與M2+Bond Fund 相比較。(提示：請先說明造成MIA與MIB增加率不同之最重要因素，也說明影響M2與M2+ Bond Fund增加率不同之最重要原因，再申論您的論點。)