covered IRP&uncovered IRP

嗨，爱思考的PZer你好：

同学你好，原版书有相关总结

■With the exception of covered interest rate parity, which is enforced by arbitrage, the key international parity conditions rarely hold in either the short or
medium term. However, the parity conditions tend to hold over relatively long
horizons.
■ According to the theory of covered interest rate parity, a foreign-currency denominated money market investment that is completely hedged against exchange rate risk in the forward market should yield exactly the same return as an otherwise identical domestic money market investment. （恒成立）
■ According to the theory of uncovered interest rate parity, the expected change in a domestic currency’s value should be fully reflected in domestic–foreign interest rate spreads. Hence, an unhedged foreign-currency-denominated money market investment is expected to yield the same return as an otherwise identical domestic money market investment.（长时间，需要PPP成立）

■ According to the ex ante purchasing power parity condition, expected changes in exchange rates should equal the difference in expected national inflation rates.
■ If both ex ante purchasing power parity and uncovered interest rate parity held, real interest rates across all markets would be the same. This result is real interest rate parity
 

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虽然现在很辛苦，但努力过的感觉真的很好，加油！