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dejiazheng · 2025年06月19日

辨析ex-ante PPP的关键词是expected difference in inflation rate?

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NO.PZ202409200100006303

问题如下:

In the discussion with Kaur's colleagues about Country A, the statement that best reflects the absolute version of PPP is:

选项:

A.Statement 1. B.Statement 2. C.Statement 3.

解释:

  1. A Incorrect because the relationship between risk-free interest rates and spot/forward exchange is related to covered (and uncovered) interest rate parity. The domestic currency will trade at a forward premium (discount), if, and only if, the foreign risk-free interest rate exceeds (subceeds) the domestic risk-free interest rate.

  2. B Incorrect because this statement refers to the relative version of PPP, which is the percentage change in the spot exchange rate will be completely determined by the different between the foreign and domestic inflation rates.

  3. C Correct because the absolute version of PPP simply extends the law of one price to the broad range off goods and services that are consumed in different countries and asserts that the equilibrium exchange rate between two countries is determined entirely by the ratio of their national price levels.

A 选项错误,因为无风险利率与即期 / 远期汇率之间的关系与抛补(和非抛补)利率平价有关。当且仅当外国无风险利率超过(低于)本国无风险利率时,本国货币将以远期升水(贴水)交易。


B 选项错误,因为该陈述指的是购买力平价的相对形式,即即期汇率的百分比变化将完全由外国和本国通货膨胀率之间的差异决定。


C 选项正确,因为购买力平价的绝对形式只是将一价定律扩展到不同国家消费的广泛商品和服务上,并断言两国之间的均衡汇率完全由其国内价格水平之比决定。

inflation rate differential-relative PPP

ratio of their national price levels-absolute PPP

1 个答案

笛子_品职助教 · 2025年06月20日

嗨,从没放弃的小努力你好:


同学理解正确,PPP反应的就是不同国家infaltion差异,对汇率的影响。

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努力的时光都是限量版,加油!

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