[考試技巧/拆題] Cost of holding money, Real rate of return on holding money

繼上回的長文，今天要探討的亦是與Interest Rate利率有關。

AL 02/2A/22
The nominal interest rate and the expected inflation rate are 10% and 7% respectively. If the actual inflation rate returns out to be 12%, then the realized real rate of interest will be _____ and the real rate of return on holding cash will be _____.
A. -2% ... -12%
B. -2% ... -10%
C. 3% ... -12%
D. 3% ... -10%

AL 11/2A/18
假設市場行率是5%而預期通脹是3%。持有貨幣的機會成本是 ________，而持有貨幣的實際回報率是 _________。
A. -5% ... -2%
B. 2% ... -3%
C. 5% ... 3%
D. 5% ... -3%

上述題目可見，有多個ECON的字眼要留意，包括(排名跟據考樸價值由高至低)：
(1) Cost of holding money 持有貨幣的機會成本 = 名義利率Nominal interest rate
(2) Nominal rate of return on holding money 持有貨幣的名義回報 = 0
(3) Real rate of return on holding money持有貨幣的實質回報 = 0 - actual inflation rate 實際通脹率
(4) Expected Real rate of return on holding money持有貨幣的預期實質回報 = 0 - expected inflation rate 預期通脹率

同學要注意「持有貨幣的機會成本」跟「持有貨幣的回報」之分別，持有貨幣的機會成本是放棄了其他資產的回報，而持有貨幣的回報(實質)就是因通貨膨脹令貨幣購買力下降的百分比。

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