NO.PZ2018091706000061
问题如下：
Assumethat the DM country has what is considered a low-yield safe haven currency whilethe EM country has a high-yield currency whose value is more exposed tofluctuations in the global economic growth rate. All else equal, the exchangerate for the EM currency will most likely depreciate if the:
选项：
A. long-run equilibriumvalue of the high-yield currency is revised upward
B. nominal yield spreadbetween the EM and DM countries increases over time
C. expected inflationdifferential between the EM and DM countries is revised upward
解释：
Allelse equal, an increase in the expected inflation differential should lead todepreciation of the EM currency.
解析：
real exchange rate (A/B) = equilibriumreal exchange rate + (realinterest rate B - real interest rate A)- (risk premium B - risk premium A)
根据上述公式。所以A、B选项错误。
在其它条件相同的情况下，预期通胀率的扩大会加两国的风险溢价之差，从而应会导致新兴市场货币贬值。所以C选项正确。
想请问一下 我记得基础班中说公式中equilibrium real exchange rate的意思是汇率水平会沿均值上下波动，那题目中说汇率上升的意思不就是未来会朝着均值方向移动，就是贬值吗
