中級宏觀經(jīng)濟(jì)學(xué)上海財經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌18international2(52)(存儲版)
【正文】 Real Exchange Rate ? The . price level, P, is measured in dollars per unit of goods. We denote the Chinese price level (or foreign price level) by Pf , measured in RMB per unit of goods. ? Assume that the goods produced and used in both countries are physically identical. ? We also ignore any transportation or other transaction costs for buying and selling goods in the two countries. Macroeconomics Chapter 18 13 PurchasingPower Parity ? The PPP Condition and the Real Exchange Rate 1/P = ε(1 + ?εt/ε t) Macroeconomics Chapter 18 28 InterestRate Parity ? i f ? i = ?εt/εt ? interestrate differential = growth rate of nominal exchange rate ? i f ? i = ?(εt/εt)e Macroeconomics Chapter 18 29 InterestRate Parity ? Real interestrate ? ?ε/ε = πf? π ? In terms as expected rates of change: ?(εt/εt)e= (πf)e?πe Macroeconomics Chapter 18 30 InterestRate Parity ? if ? i = (πf)e?πe interestrate differential = difference in expected inflation rates ? if ? (πf)e= i? πe foreign expected real interest rate = home expected real interest rate Macroeconomics Chapter 18 31 InterestRate Parity ? real exchange rate= ε/(Pf/P) ? If it is smaller than 1: ? The expected growth rate of the nominal exchange rate, (?εt/εt) e , must be greater than the expected growth of Pf/P, which equals the difference between the expected inflation rates, (πf)e ? πe Macroeconomics Chapter 18 32 InterestRate Parity ? Instead of the equality in equation we have the inequality: ?(εt/εt)e (πf)e? πe ? If we substitute this inequality into the interestrate parity condition in equation ? if ? i (πf)e? πe Macroeconomics Chapter 18 33 InterestRate Parity ? if ? (πf)e i? π foreign expected real interest rate home expected real interest rate ? ., we expect that the price level in those countries whose real exchange rate smaller than 1 will decreases. Macroeconomics Chapter 18 34 Fixed Exchange Rates ? The fixedexchangerate regime that applied to most advanced countries from World War II until th
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