【ppt精品課件】貨幣金融學(xué)7版英文課件--19-大學(xué)課件2(編輯修改稿)
2025-01-21 13:28 本頁面
【文章內(nèi)容簡介】 ect substitutes iD = iF – (Eet+1 – Et)/Et Example: if iD = 10% and expected appreciation of $, (Eet+1– Et)/Et, = 5% ? iF = 15% 8 169。 2023 Pearson Education Canada Inc. Deriving RF Curve Assume iF = 10%, Eet+1 = 1 euro/$ Point A: Et = , RF = .10 – (1 – )/ = .048 = % B: Et = , RF = .10 – (1 – )/ = .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 $, Et ? 9 169。 2023 Pearson Education Canada Inc. Deriving RETF Curve Assume iF = 10%, Eet+1 = 1 euro/$ Point A: Et = RETF = .10 – (1 – )/ = .048 = % B: Et = RETF = .10 – (1 – )/ = .100 =% C: Et = RETF = .10 – (1 – )/ = .148 = % RETF curve connects these points and is upward sloping beca
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