【正文】 2023年 1月 31日星期二 8時 30分 45秒 08:30:4531 January 2023 1一個人即使已登上頂峰，也仍要自強(qiáng)不息。 2023年 1月 31日星期二 上午 8時 30分 45秒 08:30: 1最具挑戰(zhàn)性的挑戰(zhàn)莫過于提升自我。勝人者有力，自勝者強(qiáng)。 :30:4508:30Jan2331Jan23 1越是無能的人，越喜歡挑剔別人的錯兒。 , January 31, 2023 閱讀一切好書如同和過去最杰出的人談話。 2023年 1月 31日星期二 8時 30分 45秒 08:30:4531 January 2023 1空山新雨后，天氣晚來秋。 。 :30:4508:30:45January 31, 2023 1意志堅(jiān)強(qiáng)的人能把世界放在手中像泥塊一樣任意揉捏。 :30:4508:30Jan2331Jan23 1世間成事，不求其絕對圓滿，留一份不足，可得無限完美。 , January 31, 2023 很多事情努力了未必有結(jié)果，但是不努力卻什么改變也沒有。 2023年 1月 31日星期二 8時 30分 45秒 08:30:4531 January 2023 1做前，能夠環(huán)視四周；做時，你只能或者最好沿著以腳為起點(diǎn)的射線向前。 。 :30:4508:30:45January 31, 2023 1他鄉(xiāng)生白發(fā)，舊國見青山。 :30:4508:30Jan2331Jan23 1故人江海別，幾度隔山川。 , January 31, 2023 雨中黃葉樹，燈下白頭人。 line Dollar/euro exchange rate, E$/€ Rates of return (in dollar terms) . real money holdings Dollar/euro exchange rate, E$/€ Initial expected return on euro deposits Expected return on euro deposits after rise in expected dollar depreciation E1$/€ M1US P2US E2$/€ 239。 由于工資增長率在一國的兩部門基本相等， dLat = dLant ＞ dLbt = dLbnt ， 導(dǎo)致dPant ＞ dPbnt ， 就有， ? Pa = NPat + （ 1N） Pant ＞ Pb = NPbt + （ 1N） Pbnt ， 且， （ I – Na ）＞（ 1 Nb ） 38 Figure 156: Sectoral Productivity Growth Differences and the Change in the Relative Price of Nontraded Goods, 19701985 Beyond Purchasing Power Parity: A General Model of LongRun Exchange Rates 39 ? In general, interest rate differences between countries depend not only on differences in expected inflation, but also on expected changes in the real exchange rate. ? Relationship between the expected change in the real exchange rate, the expected change in the nominal rate, and expected inflation: (qe$/€ q$/€)/q$/€ = [(Ee$/€ E$/€)/E$/€] – (?eUS ?eE) (158) International Interest Rate Differences and the Real Exchange Rate 40 ? Combining Equation (158) with the interest parity condition, the international interest gap is equal to: R$ R€ = [(qe$/€ q$/€)/q$/€] + (?eUS ?eE) (159) ? Thus, the dollareuro interest difference is the sum of two ponents: – The expected rate of real dollar depreciation against the euro – The expected inflation difference between the . and Europe ? When the market expects relative PPP to prevail, the dollareuro interest difference is just the expected inflation difference between . and Europe. International Interest Rate Differences and the Real Exchange Rate 41 Real Interest Parity ? Economics makes an important distinction between two types of interest rates: ? Nominal interest rates – Measured in moary terms ? Real interest rates –Measured in real terms (in terms of a country’s output) – Referred to as expected real interest rates 42 Real Interest Parity ? The expected real interest rate (re) is the nominal interest rate (r) less the expected inflation rate (?e). ? Thus, the difference in expected real interest rates between . and Europe is equal to: reUS – reE = (R$ ?eUS) (R € ?eE) ? By bining this equation with Equation (159), one can obtain the desired real interest parity condition: reUS – reE = (qe$/€ q$/€)/q$/€ (1510) 43 Real Interest Parity ? The real interest parity condition explains differences in expected real interest rates between two countries by expected movements in the real exchange rates. ? Expected real interest rates in different countries need not be equal, even in the long run, if continuing change in output markets is expected. 44 Summary ? Absolute PPP states that the purchasing power of any currency is the same in any country and implies relative PPP. ? Relative PPP predicts that percentage changes in exchange rates equal differences in national inflation rates. ? The law of one price is a building block of the PPP theory. ? It states that under free petition and in the absence of trade impediments, a good must sell for a single price regardless of where in the world it is sold. 45 Summary ? The moary approach to the exchange rate uses PPP to explain longterm exchange rate behavior exclusiv