NO.PZ2023071902000092
问题如下:
Question
A researcher collects the following data:
Inflation in the foreign country: 1.5%
Inflation in the home country: 4%
Nominal appreciation of the home currency against the foreign currency: 5.5%
The real appreciation of the home currency relative to the foreign currency is nearly:
选项:
A.2%.
B.3%.
C.5%.
解释:
Solution
the change in the real exchange rate can be determined as:
(1 + ΔSd/f/Sd/f) × (1 + ΔPf/Pf) / (1 + ΔPd/Pd) − 1 = (1 + 5.5%) × (1 + 1.5%)/(1 + 4%) − 1 = ≈ 3%,
Using the approximate formula: 5.5% + 1.5% - 4.0% = 3.0%
•
实际汇率的变化可以确定为:(1 + ΔSd/f/Sd/f) × (1 + ΔPf/Pf) / (1 + ΔPd/Pd) − 1 = (1 + 5.5%) × (1 + 1.5%)/(1 + 4%) − 1 = ≈ 3%,
使用近似公式:5.5%+1.5%-4.0%=3.0%
题目最后一句中“appreciation”所问的是升值多少,也就是变化多少,对么?