徐威廉 · 2021年10月23日
NO.PZ2020012201000018
问题如下：
The exchange rate “overshoots” problem often occurs in the
选项：
A. Fixed exchange rate enviroment.
B. Floating exchange rate enviroment.
C. Both A and B
解释：
B is correct.
当允许汇率浮动时，利率和汇率之间的联系主要是预期的。为了在各个市场上平衡风险调整后的预期收益，利率必须更高(更低)，而货币预期会贬值(升值)。
而具有讽刺意味的是，这种动态可能导致看似反常的情况，即汇率在一个方向上“超调”，从而产生朝着相反方向运动的预期。这都是发生在浮动汇率制下，所以B选项入选。
overahooting过程是什么？
源_品职助教 · 2021年10月24日
嗨，爱思考的PZer你好：
不太清楚同学对OVER SHOOT具体哪里不理解。以下是原版书关于OVER SHOOT的解释，供你参考。你可以就不理解的地方继续提问。
When the exchange rate is allowed to float, the link between interest rates and exchange rates is primarily expectational.
To equalize risk-adjusted expected returns across markets, interest rates must generally be higher (lower) in a currency that is expected to depreciate (appreciate).
Ironically, this dynamic can lead to seemingly perverse situations in which the exchange rate “overshoots” in one direction to generate the expectation of movement in the opposite direction.
The expectational linkage among exchange rates, interest rates, and asset prices is covered in detail at a later stage.
The overshooting mechanism suggests that there are likely to be three phases in response to relative improvement in investment opportunities.
First, the exchange rate will appreciate (Sd/f will decline) as capital flows toward the more attractive market. The more vigorous the flow,
the faster and greater the appreciation of the domestic currency and the more the flow will also drive up asset prices in that market.
Second, in the intermediate term, there will be a period of consolidation as investors begin to question the extended level of the exchange rate and to form expectations of a reversal.
Third, in the longer run, there will be a retracement of some or all of the exchange rate move depending on the extent to which underlying opportunities have been equalized by asset price adjustments.
----------------------------------------------努力的时光都是限量版，加油！
NO.PZ2020012201000018 问题如下 The exchange rate “overshoots” problem often occurs in the A.Fixeexchange rate enviroment. B.Floating exchange rate enviroment. C.Both A an B is correct.当允许汇率浮动时，利率和汇率之间的联系主要是预期的。为了在各个市场上平衡风险调整后的预期收益，利率必须更高(更低)，而货币预期会贬值(升值)。而具有讽刺意味的是，这种动态可能导致看似反常的情况，即汇率在一个方向上“超调”，从而产生朝着相反方向运动的预期。这都是发生在浮动汇率制下，所以B入选。 我就是不太明白。。为啥overshoot一定是在浮动汇率下呀？中国不也是 固定汇率制，平常也会说人民币对美元贬值/升值之类的？为啥，汇率会变动就一定是浮动汇率嘞？新年快乐啊哈！
NO.PZ2020012201000018 问题如下 The exchange rate “overshoots” problem often occurs in the A.Fixeexchange rate enviroment. B.Floating exchange rate enviroment. C.Both A an B is correct.当允许汇率浮动时，利率和汇率之间的联系主要是预期的。为了在各个市场上平衡风险调整后的预期收益，利率必须更高(更低)，而货币预期会贬值(升值)。而具有讽刺意味的是，这种动态可能导致看似反常的情况，即汇率在一个方向上“超调”，从而产生朝着相反方向运动的预期。这都是发生在浮动汇率制下，所以B入选。 老师，（1）会不会考overshoot的定义？（2）overshoot是指一个机制是吗，短期，一国利率高，资本流入，货币升值；中期，投资者要求更高的利率；长期，无法提供更高的利率，资本流出，货币贬值
NO.PZ2020012201000018 想问下是什么意思呢～～
Floating exchange rate enviroment. Both A anB B is correct. 当允许汇率浮动时，利率和汇率之间的联系主要是预期的。为了在各个市场上平衡风险调整后的预期收益，利率必须更高(更低)，而货币预期会贬值(升值)。 而具有讽刺意味的是，这种动态可能导致看似反常的情况，即汇率在一个方向上“超调”，从而产生朝着相反方向运动的预期。这都是发生在浮动汇率制下，所以B入选。fixecurrenrate的市场有可能出现overshooting吗？
