国际经济学II课件.pptVIP

ii. The role of the Expected Future Spot Exchange Rate (eex) Effects: If, eex increase—e increases If, eex decrease—e decreases What determines the expectations (eex ) a. Bandwagon Effects— “destabilizing” b. Exchange rates eventually return to values consistent with basic economic conditions (i.e. PPP)- “stabilizing” Road Map I. Introduction II. (The Short Run) Asset Market Approach to Exchange Rates III. The Long Run: Purchasing Power Parity (PPP) IV. The Long Run: Monetary Approach to Exchange Rate V. Short Run to Long Run