中級(jí)宏觀經(jīng)濟(jì)學(xué)上海財(cái)經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌18international2(52)(編輯修改稿)
2024-08-19 03:44 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 exchange rate = foreign inflation rate? home inflation rate Macroeconomics Chapter 18 23 PurchasingPower Parity Macroeconomics Chapter 18 24 PurchasingPower Parity Macroeconomics Chapter 18 25 InterestRate Parity ? Option 1: Hold . bond ? dollars received in year t+ 1 = 1 + i ? Option 2: Use exchange market and hold Chinese bond ? dollars received in year t+ 1 = εt(1+if)/εt+1 Macroeconomics Chapter 18 26 InterestRate Parity ? 1+i =εt(1+if)/εt+1 ? return on holding . bond = return on using exchange market and holding Chinese bond Macroeconomics Chapter 18 27 InterestRate Parity ? 1+if = (1+ i) (εt+1/εt ) ? The growth rate of the nominal exchange rate is ?εt/εt = (ε t+1? ε t)/εt ?εt/εt = (ε t+1/εt )? 1 1 + i f = (1 + i)(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
環(huán)評(píng)公示相關(guān)推薦
鄂ICP備17016276號(hào)-1