【ppt精品課件】貨幣金融學(xué)7版英文課件--19-大學(xué)課件2-預(yù)覽頁
【正文】 Francois Al $ Deposits iD + (Eet+1 – Et)/Et iD Euro Deposits iF iF – (Eet+1 – Et)/Et Relative Re iD – iF + (Eet+1 – Et)/Et iD – iF + (Eet+1 – Et)/Et Interest Parity Condition: $ and Euro deposits perfect substitutes iD = iF – (Eet+1 – Et)/Et Example: if iD = 10% and expected appreciation of $, (Eet+1– Et)/Et, = 5% ? iF = 15% 8 169。 2023 Pearson Education Canada Inc. Shifts in RF RF curve shifts right when 1. iF ?: because RF ? at each Et 2. Eet+1 ?: because expected appreciation of F ? at each Et and RF ? Occurs Eet+1 ? iF: 1) Domestic P ?, 2) Trade Barriers ? 3) Imports ?, 4) Exports ?, 5) Productivity ? 169。 2023 Pearson Education Canada Inc. Response to i ? Because ?e ? 1. ?e ?, Eet+1 ?, expected appreciation of F ?, RF shifts out to right 2. iD ?, RD shifts to right However because ?e ? iD ?, real rate ?, Eet+1 ? more than iD ? ? RF out RD out and Et ? 169
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