题目最后一句

问题如下：

A researcher collects the following data:

Inflation in the foreign country: 1.5%

Inflation in the home country: 4%

Nominal appreciation of the home currency against the foreign currency: 5.5%

The real appreciation of the home currency relative to the foreign currency is nearly:

选项：

A.2%.

B.3%.

C.5%.

解释：

the change in the real exchange rate can be determined as:

(1 + ΔS_d/f/S_d/f) × (1 + ΔP_f/P_f) / (1 + ΔP_d/P_d) − 1 = (1 + 5.5%) × (1 + 1.5%)/(1 + 4%) − 1 = ≈ 3%,

Using the approximate formula: 5.5% + 1.5% - 4.0% = 3.0%

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实际汇率的变化可以确定为：(1 + ΔS_d/f/S_d/f) × (1 + ΔP_f/P_f) / (1 + ΔP_d/P_d) − 1 = (1 + 5.5%) × (1 + 1.5%)/(1 + 4%) − 1 = ≈ 3%,

使用近似公式：5.5%+1.5%-4.0%=3.0%