NO.PZ2018091706000061
问题如下：
Assume
that the DM country has what is considered a low-yield safe haven currency while
the EM country has a high-yield currency whose value is more exposed to
fluctuations in the global economic growth rate. All else equal, the exchange
rate for the EM currency will most likely depreciate if the:
选项：
A.long-run equilibrium
value of the high-yield currency is revised upward
nominal yield spread
between the EM and DM countries increases over time
expected inflation
differential between the EM and DM countries is revised upward
解释：
All
else equal, an increase in the expected inflation differential should lead to
depreciation of the EM currency.
解析：
real exchange rate (A/B) = equilibrium
real exchange rate + (real
interest 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。
这题不能用平价理论思考的原因是，平价利率评判的是E（S）吗？
平价理论中，如果Ra-Rb（名义利率）差值增加，a/b的汇率上升
但和real exchange rate（A/B）这个公式进行比较，Rb-Ra（实际利率）差值增加，a/b的汇率上升
虽然公式不一样，计算的东西不一样，但是名义利率和实际利率之间不应该有一个同向的关系吗
