老师您好，题目中说Fap国通胀较其他国家要高5%，根据PPP理论，通胀预期较高的国家，货币面临贬值压力，那Fap应该相对于Fip国货币有贬值压力，Fip应该有升值压力，而现在汇率不变，那Fip应该被低估了才对吧？不知道我的理解哪里出现了问题，烦请老师帮忙指正一下，感谢！

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 If PPP prevaile the Fip exchange rate will perciate about the fferenof inflaiton in the other countries about 5% per annum.The Fips are overvaluenow anwill perciate.

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 The exchange rate will crease anFips are overvaluePPP hol means the changes in nominateexchange rate is equto the fferenin expecteinflation between two countries. One country with higher nominateinflation will experiena currenppreciate.SinFap's inflation hexceeinflation in the other countries about 5% per annum,Fips shoulppreciate 5%. 以上是否有回答道要点

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 如题。什么样的情况下要写先overshooting，然后在回归正常PPP判断下的汇率水平。

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 The excess inflation have negative impaon competivenss of Fap.To maintain competiveness, Fip shoulpreciate, thus offset the appreciate impaimpliePPP, so exchange rate of Fip remaineunchange even PPP prevaileAccorng to PPP only, Fip shoulpreciate for the excess inflation, but inenot, so Fip is overvalue

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 按照这位同学的解答过程，我在下面这个逻辑卡住了，没办法理解到。已知S1-S0 0, S = A/B,推出: B升值，A贬值疑惑如果S = A/B，B升值，A贬值，那么S1应该变小呀，此时不是S1-S0 0吗？？？？