【ppt精品課件】貨幣金融學(xué)7版英文課件--19-大學(xué)課件2(存儲(chǔ)版)
【正文】 = .100 =% C: Et = , RF = .10 – (1 – )/ = .148 = % RF curve connects these points and is upward sloping because when Et is higher, expected appreciation of F higher, RF ? Deriving RD Curve Points B, D, E, RD = 10%: so curve is vertical Equilibrium RD = RF at E* If Et E*, RF RD, sell $, Et ? If Et E*, RF RD, buy $, Et ? 9 169。 2023 Pearson Education Canada Inc. 15 Response to Ms ? 1. Ms ?, P ?, Eet+1 ?? expected appreciation of F ?, RF shifts right 2. Ms ?, iD ?, RD shifts left Go to point 2 and Et ? 3. In the long run, iD returns to old level, RD shifts back, go to point 3 and get Exchange Rate Overshooting 169。 2023 Pearson Education Canada Inc. Factors that Shift RF and RD 14 169。 2023 Pearson Education Canada Inc. Factors Affecting E in Long Run Basic Principle: If factor increases demand for domestic goods relative to foreign goods, E ? 169。 2023 Pearson E
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