继续上面的问题,请讨论这种转移支付是如何影响两国货币之间的长期名义汇率的。 Continuing with the preced
继续上面的问题,请讨论这种转移支付是如何影响两国货币之间的长期名义汇率的。
Continuing with the preceding problem.discuss how the transfer would affect the long-run nominal exchange rate between the two currencies.
继续上面的问题,请讨论这种转移支付是如何影响两国货币之间的长期名义汇率的。
Continuing with the preceding problem.discuss how the transfer would affect the long-run nominal exchange rate between the two currencies.
In Chapter 5 we discussed the effect of transfers between countries.such as the indemnity imposed on Germany after World War I.Use the theory developed in this chapter to discuss the mechanisms through which a permanent transfer from Poland to the Czech Republic would affect the real zloty/koruna exchange rate in the long run.
Explain how permanent shifts in national real money-demand functions affect real and nominal exchange rates in the long run.
Every week the Federal Reserve announces how quickly the money supply grew in the week ending ten days previously.(There is a ten-day delay because it takes that long to assemble data on bank deposits.)Economists have noticed that when the announced increase in the money supply is greater than expected,nominal interest ratesrisejust after the announcement;they fallwhen the market learns the money supply grew more slowly than expected.Two competing explanations of this phenomenon are (1) unexpectedly high money growth raises expected inflation and thus raises nominal interest rates through the Fisher effect;and (2) unexpectedly high money growth leads the market to expect future Fed action to reduce the money supply,causing a decrease in the amount of deposits supplied to the public by banks but no increase in expected inflation.How would you use data from the foreign exchange market to decide between these two hypotheses? (For an answer,see the paper by Engel and Frankel in Further Reading.)
在下表中我们列出了英镑对一些外国货币的平均实际汇率指数(这些平均指数被称为实际有效汇率)。这些指数中任何一个数值的提高都意味着英镑的实际升值,即英国的价格水平相对于用英镑表示的外国平均价格水平提高,反之则为贬值。
英国实际有效汇率的变更,1976~1984年(1980=100)
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请用以上信息解释英国1978~1984年实际有效汇率变动的原因,请注意非贸易品的作用。
In the late 1970s Britain seemed to have struck it rich.Having developed its North Sea oil-producing fields in earlier years,Britain suddenly found its real income higher as a result of a dramatic increase in world oil prices in 1979-1980. In the early 1980s,however,oil prices receded as the world economy slid into a deep recession and world oil demand faltered.
On the following page,we show index numbers for the average real exchange rate of the pound against several foreign currencies.(Such average index numbers are called real effective exchange rates.)A rise in one of these numbers indicates a real appreciation of the pound,that is,an increase in Britain's price level relative to the average price level abroad measured in pounds.A fall is a real depreciation.
Real Effective Exchange Rate of Pound Sterling,1976-1984年(1980=100)
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Use the clues we have given about the British economy to explain the rise and fall of the pound's real effective exchange rate between 1978 and 1984. Pay particular attention to the role of nontradables.
Large-scale wars typically bring a suspension of international trading and financial activities.Exchange rates lose much of their relevance under these conditions,hut once the war is over governments wishing to fix exchange rates face the problem of deciding what the new rates should be.The PPP theory has often been applied to this problem of postwar exchange rate realignment.Imagine that you are a British Chancellor of the Exchequer and World War I has just ended.Explain how you would figure out the dollar/pound exchange rate implied by PPP.When might it be a bad idea to use the PPP theory in this way?
Discuss why it is often asserted that exporters suffer when their home currencies appreciate in real terms against foreign currencies and prosper when their home currencies depreciate in real terms.
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