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PART THREE
Answers
to End-of-Chapter
Problems
Not Answered
in Textbook
Chapter 1
Why Study Money, Banking, and Financial Markets?
9. The interest rate on three-month Treasury bills fluctuates more than the other interest rates and is
lower on average. The interest rate on Baa corporate bonds is higher on average than the other
interest rates.
11. Higher stock prices means that consumers’ wealth is higher and so they will be more likely to
increase their spending.
13. It makes British goods more expensive relative to American goods. Thus American businesses will
find it easier to sell their goods in the United States and abroad and the demand for their products
will rise.
15. When the dollar increases in value, foreign goods become less expensive relative to American goods;
thus you are more likely to buy French-made jeans than American-made jeans. The resulting drop in
demand for American-made jeans because of the strong dollar hurts American jeans manufacturers.
On the other hand, the American company that imports jeans into the United States now finds that
the demand for its product has risen, so it is better off when the dollar is strong.
59
60 Mishkin • The Economics of Money, Banking, and Financial Markets, Alternate Edition
Chapter 2
An Overview of the Financial System
2. Yes, I should take out the loan, because I will be better off as a result of doing so. My interest
payment will be $4,500 (90% of $5,000), but as a result, I will earn an additional $10,000, so I will
be ahead of the game by $5,500. Since Larry’s loan-sharking business can make some people better
off, as in this example, loan sharking may have social benefits. (One argument against legalizing
loan sharking, however, is that it is frequently a violent activity.)
4. The principal debt instruments used were foreign bonds which were sold in Britain and denominated
in pounds. The British gained because they were able to earn higher interest rates as a result of
lending to Americans, while the Americans gained because they now had access to capital to start up
profitable businesses such as railroads.
6. You would rather hold bonds, because bondholders are paid off before equity holders, who are the
residual claimants.
10. They might not work hard enough while you are not looking or may steal or commit fraud.
12. True. If there are no information or transactions costs, people could make loans to each other at no
cost and would thus have no need for financial intermediaries.
14. A ranking from most liquid to least liquid is (a), (b), (c), and (d). The ranking is similar for the most
safe to the least safe.
Part Three: Answers to End-of-Chapter Problems Not Answered in Textbook 61
Chapter 3
What is Money?
1. (b)
3. Cavemen did not need money. In their primitive economy, they did not specialize in producing one
type of good and they had little need to trade with other cavemen.
5. Wine is more difficult to transport than gold and is also more perishable. Gold is thus a better store
of value than wine and also leads to lower transactions cost. It is therefore a better candidate for use
as money.
7. Not necessarily. Checks have the advantage in that they provide you with receipts, are easier to keep
track of, and may make it harder for someone to steal money out of your account. These advantages
of checks may explain why the movement toward a checkless society has been very gradual.
8. The ranking from most liquid to least liquid is: (a), (c), (e), (f), (b), and (d).
10. Because of the rapid inflation in Brazil, the domestic currency, the real, is a poor store of value. Thus
many people would rather hold dollars, which are a better store of value, and use them in their daily
shopping.
14. (a) M1 and M2, (b) M2, (c) M2, (d) M1 and M2.
62 Mishkin • The Economics of Money, Banking, and Financial Markets, Alternate Edition
Chapter 4
Understanding Interest Rates
2. No, because the present discounted value of these payments is necessarily less than $10 million as
long as the interest rate is greater than zero.
4. The yield to maturity is less than 10 percent. Only if the interest rate was less than 10 percent would
the present value of the payments add up to $4,000, which is more than the $3,000 present value in
the previous problem.
8. If the interest rate were 12 percent, the present discounted value of the payments on the government
loan are necessarily less than the $1,000 loan amount because they do not start for two years. Thus
the yield to maturity must be lower than 12 percent in order for the present discounted value of these
payments to add up to $1,000.
10. The current yield will be a good approximation to the yield to maturity whenever the bond price is
very close to par or when the maturity of the bond is over ten years.
12. You would rather be holding long-term bonds because their price would increase more than the price
of the short-term bonds, giving them a higher return.
14. People are more likely to buy houses because the real interest rate when purchasing a house has
fallen from 3 percent (= 5 percent − 2 percent) to 1 percent (= 10 percent − 9 percent). The real cost
of financing the house is thus lower, even though mortgage rates have risen. (If the tax deductibility
of interest payments is allowed for, then it becomes even more likely that people will buy houses.)
Part Three: Answers to End-of-Chapter Problems Not Answered in Textbook 63
Chapter 5
The Behavior of Interest Rates
1. (a) Less, because your wealth has declined; (b) more, because its relative expected return has risen;
(c) less, because it has become less liquid relative to bonds; (d) less, because its expected return has
fallen relative to gold; (e) more, because it has become less risky relative to bonds.
3. (a) More, because it has become more liquid; (b) less, because it has become more risky; (c) more,
because its expected return has risen; (d) more, because its expected return has risen relative to the
expected return on long-term bonds, which has declined.
5. The rise in the value of stocks would increase people’s wealth and therefore the demand for
Rembrandts would rise.
7. In the loanable funds framework, when the economy booms, the demand for bonds increases: the
public’s income and wealth rises while the supply of bonds also increases, because firms have more
attractive investment opportunities. Both the supply and demand curves (Bd and Bs) shift to the right,
but as is indicated in the text, the demand curve probably shifts less than the supply curve so the
equilibrium interest rate rises. Similarly, when the economy enters a recession, both the supply and
demand curves shift to the left, but the demand curve shifts less than the supply curve so that the
interest rate falls. The conclusion is that interest rates rise during booms and fall during recessions:
that is, interest rates are procyclical. The same answer is found with the liquidity preference
framework. When the economy booms, the demand for money increases: people need more money
to carry out an increased amount of transactions and also because their wealth has risen. The demand
curve, Md, thus shifts to the right, raising the equilibrium interest rate. When the economy enters a
recession, the demand for money falls and the demand curve shifts to the left, lowering the
equilibrium interest rate. Again, interest rates are seen to be procyclical.
10. Interest rates fall. The increased volatility of gold prices makes bonds relatively less risky relative to
gold and causes the demand for bonds to increase. The demand curve, Bd, shifts to the right and the
equilibrium interest rate falls.
12. Interest rates might rise. The large federal deficits require the Treasury to issue more bonds; thus the
supply of bonds increases. The supply curve, Bs, shifts to the right and the equilibrium interest rate
rises. Some economists believe that when the Treasury issues more bonds, the demand for bonds
increases because the issue of bonds increases the public’s wealth. In this case, the demand curve,
Bd, also shifts to the right, and it is no longer clear that the equilibrium interest rate will rise. Thus
there is some ambiguity in the answer to this question.
14. The price level effect has its maximum impact by the end of the first year, and since the price level
does not fall further, interest rates will not fall further as a result of a price level effect. On the other
hand, expected inflation returns to zero in the second year, so that the expected inflation effect
returns to zero. One factor producing lower interest rates thus disappears, so, in the second year,
interest rates may rise somewhat from their low point at the end of the second year.
64 Mishkin • The Economics of Money, Banking, and Financial Markets, Alternate Edition
16. If the public believes the president’s program will be successful, interest rates will fall. The
president’s announcement will lower expected inflation so that the expected return on goods
decreases relative to bonds. The demand for bonds increases and the demand curve, Bd, shifts to the
right. For a given nominal interest rate, the lower expected inflation means that the real interest rate
has risen, raising the cost of borrowing so that the supply of bonds falls. The resulting leftward shift
of the supply curve, Bs, and the rightward shift of the demand curve, Bd, causes the equilibrium
interest rate to fall.
18. Interest rates will rise. The expected increase in stock prices raises the expected return on stocks
relative to bonds and so the demand for bonds falls. The demand curve, Bd, shifts to the left and the
equilibrium interest rate rises.
20. The slower rate of money growth will lead to a liquidity effect, which raises interest rates, while the
lower price level, income, and inflation rates in the future will tend to lower interest rates. There are
three possible scenarios for what will happen: (a) if the liquidity effect is larger than the other
effects, then interest rates will rise; (b) if the liquidity effect is smaller than the other effects and
expected inflation adjusts slowly, then interest rates will rise at first but will eventually fall below
their initial level; and (c) if the liquidity effect is smaller than the expected inflation effect and there
is rapid adjustment of expected inflation, then interest rates will immediately fall.
Part Three: Answers to End-of-Chapter Problems Not Answered in Textbook 65
Chapter 6
The Risk and Term Structure of Interest Rates
1. The bond with a C rating should have a higher interest rate because it has a higher default risk, which
reduces its demand and raises its interest rate relative to that on the Baa bond.
3. During business cycle booms, fewer corporations go bankrupt and there is less default risk on
corporate bonds, which lowers their risk premium. Similarly, during recessions, default risk on
corporate bonds increases and their risk premium increases. The risk premium on corporate bonds is
thus anticyclical, rising during recessions and falling during booms.
5. If yield curves on average were flat, this would suggest that the risk premium on long-term relative
to short-term bonds would equal zero and we would be more willing to accept the expectations
hypothesis.
7. (a) The yield to maturity would be 5 percent for a one-year bond, 5.5 percent for a two-year bond, 6
percent for a three-year bond, 6 percent for a four-year bond, and 5.8 percent for a five-year bond;
(b) the yield to maturity would be 5 percent for a one-year bond, 4.5 percent for a two-year bond, 4
percent for a three-year bond, 4 percent for a four-year bond, and 4.2 percent for a five-year bond.
The upward- and then downward-sloping yield curve in (a) would tend to be even more upward
sloping if people preferred short-term bonds over long-term bonds because long-term bonds would
then have a positive risk premium. The downward- and then upward-sloping yield curve in (b) also
would tend to be more upward sloping because of the positive risk premium for long-term bonds.
9. The steep upward-sloping yield curve at shorter maturities suggests that short-term interest rates are
expected to rise moderately in the near future because the initial, steep upward slope indicates that
the average of expected short-term interest rates in the near future are above the current short-term
interest rate. The downward slope for longer maturities indicates that short-term interest rates are
eventually expected to fall sharply. With a positive risk premium on long-term bonds, as in the
preferred habitat theory, a downward slope of the yield curve occurs only if the average of expected
short-term interest rates is declining, which occurs only if short-term interest rates far into the future
are falling. Since interest rates and expected inflation move together, the yield curve suggests that the
market expects inflation to rise moderately in the near future but fall later on.
11. The government guarantee will reduce the default risk on corporate bonds, making them more
desirable relative to Treasury securities. The increased demand for corporate bonds and decreased
demand for Treasury securities will lower interest rates on corporate bonds and raise them on
Treasury bonds.
13. Abolishing the tax-exempt feature of municipal bonds would make them less desirable relative to
Treasury bonds. The resulting decline in the demand for municipal bonds and increase in demand for
Treasury bonds would raise the interest rates on municipal bonds, while the interest rates on
Treasury bonds would fall.
15. The slope of the yield curve would fall because the drop in expected future short rates means that the
average of expected future short rates falls so that the long rate falls.
66 Mishkin • The Economics of Money, Banking, and Financial Markets, Alternate Edition
Chapter 7
The Stock Market, the Theory of Rational Expectations,
and the Efficient Market Hypothesis
1. The value of any investment is found by computing the value today of all cash flows the investment
will generate over its life.
5. A stock market bubble can occur if market participants either believe that dividends will have rapid
growth or if they substantially lower the required return on their equity investments, thus lowering
the denominator in the Gordon model and thereby causing stock prices to climb. By raising interest
rates the central bank can cause the required rate of return on equity to rise, thereby keeping stock
prices from climbing as much. Also raising interest rates may help slow the expected growth rate of
the economy and hence of dividends, thus also keeping stock prices from climbing.
7. Although Joe’s expectations are typically quite accurate, they could still be improved by his taking
account of a snowfall in his forecasts. Since his expectations could be improved, they are not optimal
and hence are not rational expectations.
9. True, as an approximation. If large changes in a stock price could be predicted, then the optimal
forecast of the stock return would not equal the equilibrium return for that stock. In this case, there
would be unexploited profit opportunities in the market and expectations would not be rational. Very
small changes in stock prices could be predictable, however, and the optimal forecast of returns
would equal the equilibrium return. In this case, an unexploited profit opportunity would not exist.
11. The stock price will rise. Even though the company is suffering a loss, the price of the stock reflects
an even larger expected loss. When the loss is less than expected, efficient markets theory then
indicates that the stock price will rise.
13. Probably not. Although your broker has done well in the past, efficient markets theory suggests that
she has probably been lucky. Unless you believe that your broker has better information than the rest
of the market, efficient markets theory indicates that you cannot expect the broker to beat the market
in the future.
15. False. All that is required for the market to be efficient so that prices reflect information on the
monetary aggregates is that some market participants eliminate unexploited profit opportunities. Not
everyone in a market has to be knowledgeable for the market to be efficient.
17. Because inflation is less than expected, expectations of future short-term interest rates would be
lowered, and as we learned in Chapter 7, long-term interest rates would fall. The decline in long-term
interest rates implies that long-term bond prices would rise.
19. No, because this expected change in the value of the dollar would imply that there is a huge
unexploited profit opportunity (over a 100% expected return at an annual rate). Since rational
expectations rules out unexploited profit opportunities, such a big expected change in the exchange
rate could not exist.
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Part Three: Answers to End-of-Chapter Problems Not Answered in Textbook 67
Chapter 8
An Economic Analysis of Financial Structure
1. Financial intermediaries can take advantage of economies of scale and thus lower transactions costs.
For example, mutual funds take advantage of lower commissions because the scale of their purchases
is higher than for an individual, while banks’ large scale allows them to keep legal and computing
costs per transaction low. Economies of scale which help financial intermediaries lower transactions
costs explains why financial intermediaries exist and are so important to the economy.
3. No. If the lender knows as much about the borrower as the borrower does, then the lender is able to
screen out the good from the bad credit risks and so adverse selection will not be a problem.
Similarly, if the lender knows what the borrower is up to, then moral hazard will not be a problem
because the lender can easily stop the borrower from engaging in moral hazard.
5. The lemons problem would be less severe for firms listed on the New York Stock Exchange because
they are typically larger corporations that are better known in the market place. Therefore it is easier
for investors to get information about them and figure out whether the firm is of good quality or is a
lemon. This makes the adverse selection–lemons problem less severe.
7. Because there is asymmetric information and the free-rider problem, not enough information is
available in financial markets. Thus there is a rationale for the government to encourage information
production through regulation so that it is easier to screen out good from bad borrowers, thereby
reducing the adverse selection problem. The government can also help reduce moral hazard and
improve the performance of financial markets by enforcing standard accounting principles and
prosecuting fraud.
9. Yes, this is an example of an adverse selection problem. Because a person is rich, the people who are
most likely to want to marry him or her are gold diggers. Rich people thus may want to be extra careful
to screen out those who are just interested in their money from those who want to marry for love.
11. The free-rider problem means that private producers of information will not obtain the full benefit of
their information-producing activities, and so less information will be produced. This means that
there will be less information collected to screen out good from bad risks, making adverse selection
problems worse, and that there will be less monitoring of borrowers, increasing the moral hazard
problem.
13. A financial crisis is more likely to occur when the economy is experiencing deflation because firms
find that their real burden of indebtedness is increasing while there is no increase in the real value of
their assets. The resulting decline in a firm’s net worth increases adverse selection and moral hazard
problems facing lenders, making it more likely a financial crisis will occur in which financial
markets do not work efficiently to get funds to firms with productive investment opportunities.
15. A sharp increase in interest rates can increase the adverse selection problem dramatically because
individuals and firms with the riskiest investment projects are the ones who are most willing to pay
higher interest rates. A sharp rise in interest rates which increases adverse selection means that
lenders will be more reluctant to lend, leading to a financial crisis in which financial markets do not
work well and thus to a declining economy.
68 Mishkin • The Economics of Money, Banking, and Financial Markets, Alternate Edition
Chapter 9
Banking and the Management of Financial Institutions
1. Because if the bank borrows too frequently from the Fed, the Fed may restrict its ability to borrow in
the future.
5. The $50 million deposit outflow means that reserves fall by $50 million to $25 million. Since
required reserves are $45 million (10 percent of the $450 million of deposits), your bank needs to
acquire $20 million of reserves. You could obtain these reserves by either calling in or selling off
$20 million of loans, by borrowing $20 million in discount loans from the Fed, by borrowing $20
million from other banks or corporations, by selling $20 million of securities, or by some
combination of all of these.
7. Because when a deposit outflow occurs, a bank is able to borrow reserves in these overnight loan
markets quickly; thus, it does not need to acquire reserves at a high cost by calling in or selling off
loans. The presence of overnight loan markets thus reduces the costs associated with deposit
outflows, so banks will hold fewer excess reserves.
9. To lower capital and raise ROE holding its assets constant, it can pay out more dividends or buy back
some of its shares. Alternatively, it can keep its capital constant, but increase the amount of its assets
by acquiring new funds and then seeking out new loan business or purchasing more securities with
these new funds.
11. In order for a banker to reduce adverse selection she must screen out good from bad credit risks by
learning all she can about potential borrowers. Similarly in order to minimize moral hazard, she must
continually monitor borrowers to ensure that they are complying with restrictive loan covenants.
Hence it pays for the banker to be nosy.
13. False. Although diversification is a desirable strategy for a bank, it may still make sense for a bank to
specialize in certain types of lending. For example, a bank may have developed expertise in
screening and monitoring a particular kind of loan, thus improving its ability to handle problems of
adverse selection and moral hazard.
15. The gap is $10 million ($30 million of rate-sensitive assets minus $20 million of rate-sensitive
liabilities). The change in bank profits from the interest rate rise is +0.5 million (5% $10 million);
the interest rate risk can be reduced by increasing rate-sensitive liabilities to $30 million or by
reducing rate-sensitive assets to $20 million. Alternatively, you could engage in an interest rate swap
Part Three: Answers to End-of-Chapter Problems Not Answered in Textbook 69
in which you swap the interest on $10 million of rate-sensitive assets for the interest on another
bank’s $10 million of fixed-rate assets.
70 Mishkin • The Economics of Money, Banking, and Financial Markets, Alternate Edition
Chapter 10
Banking Industry: Structure and Competition
1. Agricultural and other interests in the U.S. were quite suspicious of centralized power and thus
opposed the creation of a central bank.
3. False. Although there are many more banks in the United States than in Canada, this does not mean
that the American banking system is more competitive. The reason for the large number of U.S.
banks is anticompetitive regulations such as restrictions on banking.
5. Because becoming a bank holding company allows a bank to: (1) circumvent branching restrictions
since it can own a controlling interest in several banks even if branching is not permitted, and (2)
engage in other activities related to banking that can be highly profitable.
7. Credit unions are small because they only have members who share a common employer or are
associated with a particular organization.
9. IBFs encourage American and foreign banks to do more banking business in the United States, thus
shifting employment from Europe to the United States.
11. The facts that banks’ importance as a source of total credit advanced has shrunk, bank profitability as
measured by ROA and ROE has declined, and bank failures have been running at much higher rates
starting in the 1980s.
13. True. Higher inflation helped raise interest rates which caused the disintermediation process to occur
and which helped create money market mutual funds. As a result banks’ lost cost advantages on the
liabilities side of their balance sheets and this has led to a less healthy banking industry. However,
improved information technology would still have eroded the banks’ income advantages on the
assets side of their balance sheet, so the decline in the banking industry would still have occurred.
15. Uncertain. The invention of the computer did help lower transaction costs and the costs of collecting
information, both of which have made other financial institutions more competitive with banks and
have allowed corporations to bypass banks and borrow directly from securities markets. Therefore,
computers were an important factor in the decline of the banking system. However, another source of
the decline in the banking industry was the loss of cost advantages for the banks in acquiring funds,
and this loss was due to factors unrelated to the invention of the computer, such as the rise in
inflation and its interaction with regulations which produced disintermediation.
Part Three: Answers to End-of-Chapter Problems Not Answered in Textbook 71
Chapter 11
Economic Analysis of Banking Regulation
3. Chartering banks is the bank regulation that helps reduce the adverse selection problem because it
attempts to screen proposals for new banks to prevent risk-prone entrepreneurs and crooks from
controlling them. It will not always work because risk-prone entrepreneurs and crooks have
incentives to hide their true nature and thus may slip through the chartering process.
5. The benefits of a too-big-to-fail policy are that it makes bank panics less likely. The costs are that it
increases the incentives or moral hazard by big banks who know that depositors do not have
incentives to monitor the bank’s risk-taking activities. In addition, it is an unfair policy because it
discriminates against small banks.
7. Regulatory forbearance is a dangerous strategy because once a bank is insolvent it has even stronger
incentives to commit moral hazard and take on excessive risk. It has little to lose if its risky activities
go sour, but has a lot to gain if the risky activities pay off. The resulting excessive risk-taking makes
it more likely that the deposit insurance agency will suffer large losses.
9. The Bank Insurance Fund of the FDIC was recapitalized by allowing it to borrow more from the
Treasury and by raising insurance premiums. The bill reduced the scope of deposit insurance by
limiting brokered deposits and by limiting the too-big-to-fail doctrine by forcing the FDIC to use the
least-cost method of closing failed banks except under unusual circumstances. The bill has prompt
corrective action provisions that require the FDIC to intervene earlier with stronger actions when
banks move into one of the weaker of the five classifications based on bank capital. The limiting of
deposit insurance and prompt corrective action should reduce moral hazard risk-taking on the part of
banks. The bill instructs the FDIC to come up with risk-based premiums which will increase the
premium cost when the banks take on more risk, thus helping to reduce the moral hazard problem.
The bill also mandates increased reporting requirements and annual examinations to prevent the
banks from taking on too much risk. It also enhances regulation of foreign banks in the U.S. to keep
then from operating in the U.S. if they are taking on too much risk.
11. The S&L crisis can be blamed on the principal-agent problem because politicians and regulators (the
agents) have not had the same incentives to minimize costs of deposit insurance as do the taxpayers
(the principals). As a result, politicians and regulators relaxed capital standards, removed restrictions
on holdings of risky assets, and engaged in regulatory forbearance, thereby increasing the cost of the
S&L bailout.
13. In general, yes. A national banking system will enable banks to diversify their loan portfolios better,
thus decreasing the likelihood of bank failures. In addition, it may make banks and hence the
economy more efficient and will help increase banks’ profitability which will make them healthier.
15. The FDIC must now close banks by the least costly method, thus making it far more likely that
uninsured depositors will suffer losses. As a result, depositors have a greater incentive to monitor big
banks and pull out their money if the bank is taking on too much risk. As a result, large banks will
have less incentives to take on risk, thereby making the banking system safer and sounder and
reducing the probability of future banking crises.
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Wassertemperatur, ferner würde sich die rapide Zunahme gegen den
Sommer hin zeigen, wobei es von Wichtigkeit wäre, die Zahl der Eier
und Embryonen im Brutraume zu berücksichtigen, so dass sich für
jede Art eine Durchschnittszahl ergeben würde. Zugleich liesse sich
das Erscheinen der verschiedenen Arten in den einzelnen Monaten
finden. Im Spätsommer würden dann die Männchen hinzukommen
und schliesslich würde man die Cladoceren verschwinden sehen,
nachdem man die Bildung der Dauereier beobachtet hätte.
Es würden sich alle diese Verhältnisse zahlenmässig klarlegen
lassen und einen präzisen Ausdruck liefern für die bisherigen
Ausdrücke, wie „im Frühjahr nach Schmelzen des Schnees
massenhaft auftretend“.
Die C o p e p o d e n , deren Bedeutung wir schon oben gesehen
haben, bilden einen anderen Hauptbestandteil des Plankton. Sie
waren unter 1 qm Oberfläche mit 697480 vertreten. Dazu kommen
noch die Larvenformen mit 786520.
In dem Protokoll sind die einzelnen Arten nicht getrennt
aufgeführt worden. Es schien anfangs nicht möglich, während des
Zählens die verschiedenen Spezies auseinanderzuhalten, und mit
Hilfe der bisherigen Diagnosen ist dieses auch nicht auszuführen.
Nachdem es sich aber herausgestellt hat, dass in einem Fange selten
mehr als sechs Arten (bei Zählungen der Copepoden des Plankton im
Kieler Hafen) vorhanden sind, ist die getrennte Zählung versucht
worden und hat sich auch durchführen lassen, da jede Spezies
irgend ein bestimmtes Merkmal besitzt, an dem sie sofort erkannt
werden kann. Man kann schliesslich noch weiter gehen und auch die
Geschlechter getrennt zählen. Neben den ausgewachsenen
Copepoden werden dann die Larven berücksichtigt. Diese nach der
Spezies zu zählen wird wohl fürs erste kaum geschehen können, da
die Entwickelungsreihen vom Ei bis zum erwachsenen Tier nur erst
für sehr wenig Formen festgestellt sind, bei genauem Studium und
einiger Ausdauer liesse sich dieses vielleicht auch ausführen. Ebenso
müssten die Eiersäckchen mit der durchschnittlichen Zahl der Eier
berücksichtigt werden.
Nach den erwähnten Untersuchungen von H e n s e n nähren sich
die Meerescopepoden von Peridineen. Die des Süsswassers müssen
aber andere Nahrung zu sich nehmen, denn nach unserem Fange
standen 697480 Copepoden, ohne Larven, nur 122090 Peridineen
zur Verfügung, die nach den Hensenschen Berechnungen nur 10000
Copepoden genügen würden. Nach C l a u s [98] leben sie von
pflanzlichem und tierischem Detritus, V o s s e l e r [108] hat dasselbe
beobachtet, meint jedoch, dass noch Infusorien sich beigesellen. Ob
dieses aber auch die Nahrung der pelagischen Copepoden ist, wäre
noch experimentell festzustellen.
Von H y d r a c h n i d e n wurde Nesaea elliptica Kram. in erwachsenen
und jugendlichen Formen gefunden. Ihre immerhin beträchtliche
Zahl von 2400 pro 1 qm ist bemerkenswert. Ob sie in dem Haushalt
der Natur irgend eine Rolle spielen, vermag ich nicht anzugeben.
Eigentümlich ist das pelagische Vorkommen, obgleich Z a c h a r i a s [110]
in norddeutschen Seen die Milben nur littoral gefunden hat. Dagegen
erwähnt auch N o r d q u i s t [106] in seinem Aufsatz über die pelagische
und Tiefseefauna finnischer Seen pelagische Hydrachniden.
Von M o l l u s k e n wurden nur Muschellarven zahlreich gefangen,
Schneckenlarven fehlten. Es fanden sich 40770 auf den
Quadratmeter Oberfläche. Nimmt man für eine Muschel 1 qcm
Bodenfläche an, so würden das auf 1 qm immer nur 10000
ausmachen, der Raum ist aber viel zu gering bemessen. Von den
Larven kann also im günstigsten Falle nur ¼ am Leben bleiben und
diese müssten den Boden dann dicht überziehen. Das ist aber nicht
wahrscheinlich. Ob die Larven zu einer Spezies gehören, ist bei der
Zählung nicht berücksichtigt worden, die Art selbst zu bestimmen ist
bis jetzt auch nicht möglich, würde sich aber bei speziellen Studien
gewiss ausführen lassen. Es würde das ein Licht auf die Zeit und die
Dauer des Schwärmens der Larven werfen.
Es konnte in Vorhergehendem nur meine Aufgabe sein, dem
Leser die Methodik zur quantitativen Bestimmung des Plankton im
Süsswasser zu erklären; etwas Näheres über die Organismen des
Plankton zu sagen, war nach dem einen Süsswasserfange noch nicht
möglich. Es wäre zu wünschen, dass die Hensensche Methode auch
in einem grösseren Landsee angewendet würde, interessante und
wichtige Ergebnisse würde sie liefern, wie das schon der Fall bei
ihrer Anwendung im Meere gewesen ist. Endlich möchte ich
nochmals auf die epochemachende Arbeit H e n s e n s hinweisen, die
so viel des interessanten bietet, worauf ich nur hinweisen konnte,
oder das ich wegen Raummangel ganz übergehen musste.
J.-N. 1 Stettiner Haff, 13. Sept. 1887. 500 ccm (1.
Verdünnung)
A n m e r k u n g : Der Fang, nach dem dieses Protokoll berechnet ist, wurde mit
einem Planktonnetze von 0.1 qm Öffnung gemacht; es müssten also, da die Tiefe
des Netzzuges 5 m betrug, 0.5 cbm Wasser durch das Netz filtriert sein; in
Wahrheit aber nur 0.45 cbm (siehe oben bei Netze). Wollen wir die Anzahl der
Organismen unter einem Quadratmeter Oberfläche kennen, so müssen obige
Zahlen mit 10 multipliziert werden, da die Öffnung des Netzes, also die
Grundfläche der Wassersäule 0.1 qm beträgt.
[CXIV] War Polycystis ichthyoblabe.
[CXV] Synchaeta ähnlich.
Litteratur.
[95] Asper und Heuscher, Neue Zusammensetzung der
pelagischen Organismen in: Zool. Anzeiger 1886, Bd. 9, S. 448.
[96] Brandt, Über die biologischen Untersuchungen der
Plankton-Expedition in: Verhandl. der Gesellschaft für Erdkunde
zu Berlin 1889, Heft 10.
[97] Brandt, Häckels Ansichten über die Plankton-Expedition in:
Schriften des Naturwissenschaftl. Vereins f. Schleswig-Holstein,
Bd. VIII, Heft 2. Kommissionsverlag von Homann in Kiel.
[98] Claus, Anatomie und Entwickelung der Copepoden in: Arch.
f. Naturgeschichte 1858, Bd. 1.
[99] Forel, Faunistische Studien in den Süsswasserseen der
Schweiz. Zeitschrift für wissenschaftliche Zoologie 1878, Bd. 30
Suppl.
[100] Häckel, Plankton-Studien. Vergleichende Untersuchungen
über die Bedeutung und Zusammensetzung der pelagischen
Fauna und Flora. Jena 1890.
[101] Heincke, Die Untersuchungen von Hensen über die
Produktion des Meeres an belebter Substanz in: Mitteilungen der
Sektion für Küsten- und Hochseefischerei, No. 3–5, März bis Mai
1889.
[102] Hensen, Über das Vorkommen und die Menge der Eier
einiger Ostseefische, insbesondere der Scholle, des Flunder und
des Dorsch in: 4. Bericht der Kommission zur wissenschaftlichen
Untersuchung der deutschen Meere zu Kiel für 1877–81. Berlin
1884.
[103] Hensen, Über die Bestimmung des Planktons oder des im
Meere treibenden Materials an Pflanzen und Tieren in: 5. Bericht
der Kommission zur wissenschaftlichen Untersuchung der
deutschen Meere zu Kiel 1887, S. 1–106.
(Oben kurz als „Planktonwerk“ zitiert.)
[104] Hensen, Einige Ergebnisse der Plankton-Expedition der
Humboldt-Stiftung in: Sitzungsberichte der Königlich Preussischen
Akademie der Wissenschaften zu Berlin.
Sitzung d. physikal.-mathemat. Klasse vom 13. März 1890.
[105] Hensen, Das Plankton der östlichen Ostsee und des
Stettiner Haffs in: 6. Bericht der Kommission zur
wissenschaftlichen Untersuchung der deutschen Meere in Kiel
1890.
105a: Hensen, Die Plankton-Expedition und Häckels
Darwinismus. Kiel, Lipsius und Tischer 1891.
[106] Nordquist, Über die pelagische und Tiefsee-Fauna
finnischer Seen in: Zoolog. Anzeiger 1887, Bd. 10, S. 339 und
358.
[107] Seligo, Hydrobiologische Untersuchungen in: Schriften der
Naturforschenden Gesellschaft zu Danzig, N. F., Bd. VII, Heft 3.
1890.
[108] Vosseler, Die freilebenden Copepoden Württembergs.
Stuttgart 1886.
[109] Zacharias, Fauna des süssen und salzigen Sees bei Halle
a. d. S. in: Zeitschrift für wissenschaftliche Zoologie 1888, Bd. 46.
[110] Zacharias, Zur Kenntnis der pelagischen und littoralen
Fauna norddeutscher Seen in: Zeitschrift für wissenschaftliche
Zoologie 1887, Bd. 45, S. 255.
Die Fauna des Süsswassers
in ihren Beziehungen zu der des Meeres.
Von Dr. Otto Zacharias in Plön (Holstein).
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