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酒酿节瓜 · 2020年11月26日

问一道题：NO.PZ2018062003000200

  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

有点没有明白题目。如果说一般的real exchange rate是默认 “外币/本币” (本币作为base currency)，那么题目中的含义是现在以 “本币/外币” 来看real exchange rate. 那当这个exchange rate 上升的时候，不是只有本币下跌，或者外币上升，才会使这个exhcange rate上升么？

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丹丹_品职答疑助手 · 2020年11月26日

嗨，努力学习的PZer你好：


同学你好，题干上说的是外币作为base currency 而本币作为price currency的形式。

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

只有Pd​下降才会使得real exchange rate上升


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


酒酿节瓜 · 2020年11月27日

谢谢，我把公式记反了 _(┐「ε:)_

丹丹_品职答疑助手 · 2020年11月29日

好的同学

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