中級宏觀經(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)-wenkub.com
2025-07-20 03:44 本頁面
【正文】 (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 the early 1970s was called the Bretton Woods ? Under this system, the participating countries established narrow bands within which they pegged the nominal exchange rate, ε, between their currency and the . dollar. ? Each country’s central bank stood ready to buy or sell its currency at the rate of ε units per . dollar. Macroeconomics Chapter 18 35 Fixed Exchange Rates ? Purchasing Power Parity Under Fixed Exchange Rates ε = Pf/P Pf = εP ? if the nominal exchange rate, ε, is fixed,
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