中級宏觀經(jīng)濟(jì)學(xué)上海財經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌18international2(52)-在線瀏覽
2024-09-02 03:44本頁面
【正文】 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, πf = π Macroeconomics Chapter 18 36 Fixed Exchange Rates ? Purchasing Power Parity Under Fixed Exchange Rates i f ? i = ?εt/εt ? Under fixed exchange rates: if = i Macroeconomics Chapter 18 37 Fixed Exchange Rates ? The Nominal Quantity of Money Under Fixed Exchange Rates Mf = Pf L(Yf, i) Macroeconomics Chapter 18 38 Fixed Exchange Rates Macroeconomics Chapter 18 39 Fixed Exchange Rates Two possible results of increasing M under fixed exchange rate regime: decline of the international reserves, even devaluation. barriers to limit free trade. Macroeconomics Chapter 18 40 Fixed Exchange Rates ? a devaluation, which is a reduction in the value of RMB pared to the dollar. Macroeconomics Chapter 18 41 Fixed Exchange Rates ? Devaluation and Revaluation ? An appreciation of the Chinese currency— an increase in 1/ε, the number of dollars that exchange for each yuan— is called a revaluation. Macroeconomics Chapter 18 42 Flexible Exchange Rates ? Since the early 1970s, most advanced countries have allowed their currencies to vary more or less freely to clear the markets for foreign exchange. ? The difference from the fixedexchangerate setup is
環(huán)評公示相關(guān)推薦
鄂ICP備17016276號-1