Describe the linkages among prices, exchange rates, interest rates and other

游客2025-06-21 30

问题 Describe the linkages among prices, exchange rates, interest rates and other variables according to the numbers given in the chart.

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答案 These six relationships can be stated more explicitly as follows:
①inflation rate = rate of growth of money supply a rate of growth of real gross national product (too much money chasing too few goods)
②rate of change of exchange rate = inflation rate differential ( purchasing power parity theory)
③interest rate = "real" interest rate expected inflation rate (Fisher effect: one country)
④expected rate of change of exchange = interest rate differential ( international Fisher effect)
⑤forward exchange premium or discount = interest rate differential ( interest rate parity theory)
⑥forward premium or discount = expected rate of change of exchange rate ( unbiased for- ward rate theory)

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