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Dang.D · 2020年03月05日

问一道题：NO.PZ2018062003000200 [ CFA I ]

  1. CFA I
  2. Economics Analysis

问题如下：

When the real exchange rate( assuming domestic currency is price currency and foreign currency is base currency) increased, which of the followings is most likely to be associated with an decrease?

选项：

A.

Nominal exchange rate.

B.

Domestic price level.

C.

Foreign price level.

解释：

B is correct.

The formula of real exchange rate is :

Real exchange rate (d/f) =Sd/f×(Pf/Pd){}_{(d/f)\text{ }}=S_d/f\times(P_f/P_d)

An decrease in the domestic price level increases the real exchange rate because it implies an decrease in the purchasing power of the domestic currency compared to foreign currency.

考点： exchange rate

解析： Real exchange rate (d/f) =Sd/f×(Pf/Pd){}_{(d/f)\text{ }}=S_d/f\times(P_f/P_d)

根据上述公式，较高的Nominal exchange rate，较高的Foreign price level，以及较低的Domestic price level会产生较高的Real exchange rate

想问下BC选项  假设A/B， A是price currency（rmb），B是base currency（$）。如果汇率A/B升高，美元升值，人民币贬值。那不就相当于美元购买里上升，foreign price level降低；相反本国price level上升。 想问下老师我这样判断的思路对不对，price level能不能直接用货币升值贬值来判断
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源_品职助教 · 2020年03月05日

嗨，从没放弃的小努力你好：


通常我们用B代表外币，那么A是本币，A国是本国。如果美元升值，本国人民币贬值，那么一美元可以换更多的人民币，人民币只能换得更少的美元以及美元商品。所以美国物价这时候上升。


-------------------------------
努力的时光都是限量版，加油！


源_品职助教 · 2020年03月06日

你的这个说法，是站在美国人的角度上，中国的商品更便宜，是老美看来中国物价下降了，而不是美国物价下降了。

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