Yvonne0719 · 2024年07月15日
NO.PZ2023071902000093
问题如下：
Question Inflation rates rise by 1.4% in the US and by 4.6% in the Eurozone. If
the nominal spot exchange rate for the USD/EUR falls by 3%, the precise shift in the real exchange rate is
nearest to:
选项：
A.0%.
B.5%.
C.9%.
解释：
Solution
The adjustment in the real exchange rate can be formulated as:
（1-3%）*（1+4.6%）/(1+1.4%) -1 =0.000611≈0
•
实际汇率的调整可表示为:
(1-3%)*(1+4.6%)/(1+1.4%) -1 =0.000611≈0
看不懂推导，麻烦解释一下
笛子_品职助教 · 2024年07月16日
嗨，爱思考的PZer你好：
在数学上，如果有：A = B * C / D
则有：（1+A的百分比变动率）= （1+B的百分比变动率）*（1+C的百分比变动率）/ (1+D的百分比变动率）
这一步的推导过程，涉及到微积分。CFA并不要求同学掌握微积分的计算过程，只需同学记住最终的结论。
有：（1+A的百分比变动率）= （1+B的百分比变动率）*（1+C的百分比变动率）/ (1+D的百分比变动率）
则：A的百分比变动率 = （1+B的百分比变动率）*（1+C的百分比变动率）/ (1+D的百分比变动率）-1
在汇率price currency / base currency这里，有两个公式，需同学记忆：
1）是本题的精确式：real exchange change = （1+ mominal exchange change）*(1+base currency infaltion) / (1+ price currency infaltion)-1
2) 书本例题的近似式：real exchange change = mominal exchange change + base currency infaltion - price currency infaltion
精确式和近似式都可以算出本题的答案。
----------------------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
NO.PZ2023071902000093 问题如下 Question Inflation rates rise 1.4% in the US an4.6% in the Eurozone. If the nominspot exchange rate for the USEUR falls 3%, the precise shift in the reexchange rate is nearest to: A.0%. B.5%. C.9%. Solution The austment in the reexchange rate cformulateas: （1-3%）*（1+4.6%）/(1+1.4%) -1 =0.000611≈0The Foreign Exchange Market anCapitFlows• 实际汇率的调整可表示为:(1-3%)*(1+4.6%)/(1+1.4%) -1 =0.000611≈0 公式为什么前面是1-3%后面还要减去1
NO.PZ2023071902000093问题如下 Question Inflation rates rise 1.4% in the US an4.6% in the Eurozone. If the nominspot exchange rate for the USEUR falls 3%, the precise shift in the reexchange rate is nearest to: A.0%.B.5%.C.9%. Solution The austment in the reexchange rate cformulateas: （1-3%）*（1+4.6%）/(1+1.4%) -1 =0.000611≈0The Foreign Exchange Market anCapitFlows• 实际汇率的调整可表示为:(1-3%)*(1+4.6%)/(1+1.4%) -1 =0.000611≈0 可以用变化率直接计算吗？-3%+4.6%-1.4%=0.002？
NO.PZ2023071902000093问题如下 Question Inflation rates rise 1.4% in the US an4.6% in the Eurozone. If the nominspot exchange rate for the USEUR falls 3%, the precise shift in the reexchange rate is nearest to: A.0%.B.5%.C.9%. Solution The austment in the reexchange rate cformulateas: (1-3%)(1+1.4%)/(1+4.6%)≈0The Foreign Exchange Market anCapitFlows• 解題的算式得出0.94 為什麼答案會是0
