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)(參考版)
2024-08-03 03:44本頁面
【正文】 L(Yf,if) ? Pf = εP. Mf = ε P (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+if)/εt+1 Macroeconomics Chapter 18 26 InterestRate Parity ? 1+i =εt ? （想一想，上海的麥當(dāng)勞和波恩的麥當(dāng)勞產(chǎn)品真的是一樣的嗎？） ? 非貿(mào)易商品的存在。Macroeconomics Chapter 18 1 Exchange Rates C h a p t e r 1 8 Macroeconomics Chapter 18 2 Different Currencies and Exchange Rates ? Each country issues and uses its own currency, instead of using a mon currency. ? To keep things simple, pretend that there are only two countries. ? Think of the home country as the United States and the foreign country as China. ? The China nominal quantity of money, Mf, is measured in RMB. The . nominal quantity of money, M, is in Dollars. Macroeconomics Chapter 18 3 Different Currencies and Exchange Rates ? Exchange market, on which participants trade the currency of one country for that of another. ? the nominal exchange rate is the number of RMBs received for each dollar. ? Let ε denote the nominal exchange rate between RMBs and dollars. Macroeconomics Chapter 18 4 Example: Chinese Yuan 1 0 0 美元198719891991199319951997199920012003200520072009Macroeconomics Chapter 18 5 Macroeconomics Chapter 18 6 Different Currencies and Exchange Rates Macroeconomics Chapter 18 7 Different Currencies and Exchange Rates Macroeconomics Chapter 18 8 PurchasingPower Parity ? Sometimes countries allow their nominal exchange rates to move freely in response to market forces. These systems are called flexible exchange rates. ? In other circumstances, countries try to maintain a constant nominal exchange rate with respect to another currency, often the . dollar. These systems are called fixed exchange rates. Macroeconomics Chapter 18 9 PurchasingPower Parity Macroeconomics Chapter 18 10 PurchasingPower Parity Macroeconomics Chapter 18 11 PurchasingPower Parity Macroeconomics Chapter 18 12 Pu
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