《国际经济学》教师手册及课后习题答案(克鲁格曼,第六版)imch13.docVIP

HAPTER 13 Exchange Rates and the Foreign Exchange Market: An Asset Approach Chapter Organization Exchange Rates and International Transactions Domestic and Foreign Prices Exchange Rates and Relative Prices Box: A Tale of Two Dollars The Foreign Exchange Market The Actors Characteristics of the Market Spot Rates and Forward Rates Foreign Exchange Swaps Futures and Options The Demand for Foreign Currency Assets Assets and Asset Returns Risk and Liquidity Interest Rates Exchange Rates and Asset Returns A Simple Rule Return, Risk, and Liquidity in the Foreign Exchange Market Equilibrium in the Foreign Exchange Market Interest Parity: The Basic Equilibrium Condition How Changes in the Current Exchange Rate Affect Expected Returns The Equilibrium Exchange Rate Interest Rates, Expectations, and Equilibrium The Effect of Changing Interest Rates on the Current Exchange Rate The Effect of Changing Expectations on the Current Exchange Rate Box: The Perils of Forecasting Exchange Rates Summary Appendix: Forward Exchange Rates and Covered Interest Parity Chapter Overview The purpose of this chapter is to show the importance of the exchange rate in translating foreign prices into domestic values as well as to begin the presentation of exchange-rate determination. Central to the treatment of exchange-rate determination is the insight that exchange rates are determined in the same way as other asset prices. The chapter begins by describing how the relative prices of different countries goods are affected by exchange rate changes. This discussion illustrates the central importance of exchange rates for cross-border economic linkages. The determination of the level of the exchange rate is modeled in the context of the exchange rates role as the relative price of foreign and domestic currencies, using the uncovered interest parity relationship. The euro is used often in examples. Some students may not be familiar with the currency or aware of which countries use it; a brief discu