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Feeling · 2022年02月26日

购买力平价

* 问题详情,请 查看题干

NO.PZ202105270100000506

问题如下:

Based on Bader’s inflation expectations as shown in Exhibit 1, purchasing power parity implies that which of the following countries’ currencies should depreciate, all else being equal?

选项:

A.Country A B.Country B C.Country C

解释:

A is correct.

Purchasing power parity implies that the value of Country A’s currency will decline. Inflation for Country A is expected to rise relative to global inflation. Purchasing power parity implies that the expected percentage change in Country A’s exchange rate should be equal to the difference in expected inflation rates. If Country A’s inflation is rising relative to global inflation, then the currency will be expected to depreciate.

B is incorrect because purchasing power parity implies that the value of Country B’s currency will remain stable. Inflation for Country B is expected to keep pace with global inflation. Purchasing power parity implies that the expected percentage change in Country B’s exchange rate should be equal to the difference in expected inflation rates. If Country B’s inflation is keeping pace with global inflation, then the exchange rate will be expected to stay the same, corresponding to a stable value of Country B’s currency.

C is incorrect because purchasing power parity implies that the value of Country C’s currency will rise. Inflation for Country C is expected to fall relative to global inflation. Purchasing power parity implies that the expected percentage change in Country C’s exchange rate should be equal to the difference in expected inflation rates. If Country C’s inflation is falling relative to global inflation, then the currency will be expected to appreciate.

购买力平价意味着A国货币的价值将会下降。A国的通胀预期将相对于全球通胀上升。购买力平价意味着A国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果A国的通胀水平相对于全球通胀水平正在上升,那么A国的货币预计将会贬值。

B是错误的,因为购买力平价意味着B国货币的价值将保持稳定。B国的通胀预期将与全球通胀同步。购买力平价意味着B国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果B国的通胀与全球通胀保持同步,那么预期汇率将保持不变,对应于B国货币的稳定价值。

C是错误的,因为购买力平价意味着C国货币的价值将上升。相对于全球通胀,C国的通胀预期将下降。购买力平价意味着C国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果C国的通货膨胀率相对于全球通货膨胀率正在下降,那么预计该国货币将会升值。


购买力平价指出汇率变动=两国通胀。那么a国通胀高短期升值,长期贬值。

我看题干没有说长期还是短期,所以按短期判断--即a升值。

请问该怎么审题呢?

1 个答案
已采纳答案

源_品职助教 · 2022年02月28日

嗨,爱思考的PZer你好:



购买力平价理论是不分长短期的。通胀高的国家的货币会贬值。

分长短期的是利率平价理论。同学这里记混淆了。

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NO.PZ202105270100000506问题如下Baseon Bar’s inflation expectations shown in Exhibit 1, purchasing power parity implies thwhiof the following countries’ currencies shoulpreciate, all else being equal?A.Country AB.Country BC.Country A is correct. Purchasing power parity implies ththe value of Country A’s currenwill cline. Inflation for Country A is expecteto rise relative to globinflation. Purchasing power parity implies ththe expectepercentage change in Country A’s exchange rate shoulequto the fferenin expecteinflation rates. If Country A’s inflation is rising relative to globinflation, then the currenwill expecteto preciate.B is incorrebecause purchasing power parity implies ththe value of Country B’s currenwill remain stable. Inflation for Country B is expecteto keep pawith globinflation. Purchasing power parity implies ththe expectepercentage change in Country B’s exchange rate shoulequto the fferenin expecteinflation rates. If Country B’s inflation is keeping pawith globinflation, then the exchange rate will expecteto stthe same, corresponng to a stable value of Country B’s currency. C is incorrebecause purchasing power parity implies ththe value of Country C’s currenwill rise. Inflation for Country C is expecteto fall relative to globinflation. Purchasing power parity implies ththe expectepercentage change in Country C’s exchange rate shoulequto the fferenin expecteinflation rates. If Country C’s inflation is falling relative to globinflation, then the currenwill expecteto appreciate. 购买力平价意味着A国货币的价值将会下降。A国的通胀预期将相对于全球通胀上升。购买力平价意味着A国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果A国的通胀水平相对于全球通胀水平正在上升,那么A国的货币预计将会贬值。B是错误的,因为购买力平价意味着B国货币的价值将保持稳定。B国的通胀预期将与全球通胀同步。购买力平价意味着B国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果B国的通胀与全球通胀保持同步,那么预期汇率将保持不变,对应于B国货币的稳定价值。C是错误的,因为购买力平价意味着C国货币的价值将上升。相对于全球通胀,C国的通胀预期将下降。购买力平价意味着C国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果C国的通货膨胀率相对于全球通货膨胀率正在下降,那么预计该国货币将会升值。 提问在这里其实只是举例,我真的对yielcurve结合利率相关问题把握不到位,还去听了一级基础,何老师说纵轴可以有四种…我就更难使用这个知识点了。一是curve本身形态变化,二是结合国内外利率,三是更难的结合汇率变化,四是票面票息率,有没有好的综合理解方法,用来解题?

2024-11-08 16:30 1 · 回答