第章价格与汇率变动.ppt

Engineering Economy;The objective of Chapter 7 is to present how inflation/deflation is dealt with in engineering economy studies.;Our assumption of constant prices for goods and services is generally not the case. General price inflation increases the average price of goods and services over time, while deflation results in a decrease in average prices (certainly a more rare circumstance).;Changes in the consumer price index (CPI) and producer price index (PPI) are used as surrogate measures of inflation. The rate of change can be found, in either case, from the formula below.;The oil refinery business has been in the news a lot. The general inflation rate for this industry for the 2007 calendar year can be found using the producer price index (from ).;There are a lot of terms to know!;More terms to know.;Actual dollars in year k can be converted into real dollars as of any base period by the relationship below.;It is important to use the correct dollar-type/interest-type combination. Otherwise, the results will be biased.;Relating the market interest rate and the real (inflation free) interest rate.;Caution: Fixed and responsive annuities!It is critical when performing engineering economic analyses that future cash flows be consistent, and perhaps converted, into either real or actual (constant) dollars, as appropriate, before performing the analysis.;通货膨胀与经济分析;;有必要将通胀率纳入经济分析;;2、A，B两个互斥方案，消胀的资金机会成本为15%，通胀率为10%，考虑通胀率对决策的影响？ ;Foreign exchange rates can alter purchasing power, and should be considered in analysis of multiple world economies with varying economic circumstances. As exchange rates vary, the value of goods in a particular currency will fluctuate. The rate is analogous to changes in the general inflation rate.;Let;The relationship among these variables is;The currency of the country of Albatross, the grickle, is devalued against the U.S. dollar by 8% per year. The rate of return on an investment relative to the grickle in Albatross is 12%. What