NO.PZ2022122601000035
问题如下：
Fap is a small country whose currency is the Fip. Three years ago,the exchange rate was considered to be reflecting purchasing power parity(PPP). Since then, the country’s inflation has exceeded inflation in the othercountries by about 5% per annum. The Fip exchange rate, however, remainedbroadly unchanged.
What would youhave expected the Fip exchange rate to show if PPP prevailed? Are Fips over orundervalued, according to PPP?
解释：
According to PPP,to offset the effect of the higher inflation in Fap, the Fip should havedepreciated against the other currencies by approximately the differencebetween Fap inflation and that in the other countries.
According to PPP,Fip is overvalued.
中文解析：
根据购买力平价，为了抵消Fap中较高的通货膨胀的影响，Fap对其他货币的贬值幅度应该与Fap与其他国家的通货膨胀率之差大致相当。
根据购买力平价，Fip被高估了。
老师，能说一下purchasing power pariity的完整逻辑吗，谢谢
