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Asker · 2020年10月19日

问一道题：NO.PZ2018062003000200

  1. CFA I
  2. Economics Analysis

问题如下：

When the real exchange rate( assuming domestic currency is price currency and foreign currency is base currency) increased, which of the followings is most likely to be associated with an decrease?

选项：

A.

Nominal exchange rate.

B.

Domestic price level.

C.

Foreign price level.

解释：

B is correct.

The formula of real exchange rate is :

Real exchange rate (d/f) =Sd/f×(Pf/Pd){}_{(d/f)\text{ }}=S_d/f\times(P_f/P_d)

An decrease in the domestic price level increases the real exchange rate because it implies an decrease in the purchasing power of the domestic currency compared to foreign currency.

考点： exchange rate

解析： Real exchange rate (d/f) =Sd/f×(Pf/Pd){}_{(d/f)\text{ }}=S_d/f\times(P_f/P_d)

根据上述公式，较高的Nominal exchange rate，较高的Foreign price level，以及较低的Domestic price level会产生较高的Real exchange rate

解析的公式似乎跟何老师讲的不一样，何老师的讲义是这样的

我的做题过程是这样的


本币 / CPI本币

real ex rate = --------------------

外币 / CPI外币


所以 real ex rate 的上升，从公式来看，只有可能是 CPI 外币 的上升，或者 CPI 本币的下降


所以选 B 是吧？

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源_品职助教 · 2020年10月20日

嗨，爱思考的PZer你好：


同学你写的过程那三行我没看懂。如果你假设的标价形式是，本币/外币，那么结合你截图里的公式，思路就是OK的。


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