第6章必讲国际平价关系与汇率预测.pptVIP

End Chapter Six Purchasing Power Parity and Interest Rate Parity Notice that our two big equations today equal each other: = = F($/￡) S($/￡) 1 + ?$ 1 + ?￡ PPP 1 + i￡ 1 + i$ = F($/￡) S($/￡) IRP Expected Rate of Change in Exchange Rate as Inflation Differential We could also reformulate our equations as inflation or interest rate differentials:从本页最下面购买力平价公式可知，哪个国家通货膨胀率高，哪个国家的货币就会贬值。货币的升水或贴水等于： = F($/￡) – S($/￡) S($/￡) 1 + ?$ 1 + ?￡ – 1 = 1 + ?$ 1 + ?￡ – 1 + ?￡ 1 + ?￡ = F($/￡) S($/￡) 1 + ?$ 1 + ?￡ = F($/￡) – S($/￡) S($/￡) ?$ – ?￡ 1 + ?￡ E(e) = ≈ ?$ – ?￡ Expected Rate of Change in Exch