Chapter_2__Foreign_Exchange_2解析.pptVIP

2.7 Exchange-Rate Determination汇率决定 Increase in the demand for pounds对英镑需求增加 Shift rightward 向右移动 The dollar will depreciate against the pound 美元相对与英镑就会贬值 Decrease in demand for pounds Shift leftward The dollar will appreciate 2.7 Exchange-Rate Determination汇率决定 Increase in the supply of pound英镑的供给增加 Rightward shift 右移 The dollar appreciate against the pound 美元相对于英镑升值 Decrease in the supply of pounds Leftward shift Dollar depreciation Advantages and disadvantages of a strengthening and weakening dollar TABLE 2.6 优点 缺点 美国消费者发现外国商品价格低 外国商品低价让美国保持低通胀 美国消费者出国旅游会受益 美国出口企业发现在外国市场竞争很难 在进口竞争市场，美国企业发现很难与外国低价商品竞争 外国旅游者发现到美国旅游越来越贵 美元坚挺（升值） 2.8 Indexes of the Foreign-Exchange Value of the Dollar: Nominal and Real Exchange Rates美元的外汇价格指数：名义汇率与实际汇率 Exchange-rate index 汇率指数 Effective exchange rate; trade-weighted dollar 有效汇率；美元的贸易加权价值 Weighted average of the exchange rates between the domestic currency And the nation’s most important trading partners本国货币与主要贸易伙伴国之间的汇率的加权平均值 With weights given by relative importance of the nation’s trade with each of these trade partners权数由该国与每一个贸易伙伴国之间贸易的相对重要性决定 2.8 Indexes of the Foreign-Exchange Value of the Dollar: Nominal and Real Exchange Rates Nominal exchange-rate index of the U.S. Dollar 名义汇率指数 Average value of the dollar美元的平均价值 Not adjusted for changes in prices levels未经价格水平变动的调整 In the U.S. and its trading partners 美国和其贸易伙伴国 if increasing 如果上升 Dollar appreciation relative to the currencies of the other nations in the index 相对于指数涉及的其他国家货币，美元升值 Loss of competitiveness for the U.S. 美国国际竞争力下降 2.8 Indexes of the Foreign-Exchange Value of the Dollar: Nominal and Real Exchange Rates Nominal exchange-rate index of the U.S. dollar If decreasing Dollar depreciation relative to the other currencies in the index Improvement in U.S. international competitiveness Based on nominal exchange rates that do not reflect changes in price levels in trading partners 2.8 Indexes of the Foreign-Exchange Value of the Dollar: Nominal and Real Exchange R