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懒惰的土豆 · 2024年08月29日

还是没明白怎么看F/D还是D/F

  1. CFA I
  2. Economics Analysis

NO.PZ2023071902000047

问题如下：

QuestionSuppose the nominal spot exchange rate (CAD/JPY) rises by 6.2%, the Japan price level drops by 3.8%, and the Canadian price level escalates by 1.8%. The alteration in the real exchange rate (%) is most nearly:

选项：

A.0.36%. B.–0.66%. C.1.8%.

解释：

Solution

The formula for the real exchange rate is: Real exchange rate = Nominal spot exchange rate × (CPI of the foreign nation/CPI of the home nation)

Change in the real exchange rate = [(1 + Change in exchange rate) × (1 + Change in price level in foreign nation)]/(1 + Change in price level in home nation) – 1

= [(1 + 6.2%) × (1 - 3.8%)]/(1 + 1.8%) - 1 = 0.36%

The Foreign Exchange Market and Capital Flows

• describe the foreign exchange market, including its functions and participants, distinguish between nominal and real exchange rates, and calculate and interpret the percentage change in a currency relative to another currency

实际汇率的计算公式为:实际汇率=名义即期汇率×(外国CPI /本国CPI)
实际汇率变化量=[(1 +汇率变化量)×(1 +国外价格水平变化量)]/(1 +本国价格水平变化量)- 1
=[(1 + 6.2%)×(1 - 3.8%)/ (1 + 1.8%)- 1 = 0.36%

感觉有些题目里是F/D，但像这道题目又是D/F，在题目没有明确说明的情况下如何判断呢

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1 个答案

笛子_品职助教 · 2024年08月30日

嗨，从没放弃的小努力你好：


Hello，亲爱的同学~

用汇率表达式来看。

在A/B的汇率表达式里，/前的A是price currency，/后的B是base currency。

实际汇率变动率 = (1+名义汇率变动率) *（1+base currency CPI）/(1+price currency CPI) -1


结合本题：CAD/JPY的汇率表达式，JPY是base currency，CAD是price currency。

因此计算公式为：实际汇率变动率 = (1+名义汇率变动率) *（1+JPY CPI）/(1+CAD CPI) -1


同学注意：这里不需要看F / D还是D /F，只需要区分，price currency与base currency。

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