布蘭查德中文-chapter

Macroeconomics,6eChapter OpennessinGoodsandFinancial MultipleChoiceAtariffaforeignanorderforforeigngoodsthathavenotyetbeenabarterarrangementbetweenimportersandataxonimportedarestrictiononthetyofimportedgoodsallowedintothecountry. Diff:IntheU.S.,overthepastfortyexportsas rcentageofGDPhaveincreased,whileimportshas rcentageofGDPhaveexportsas rcentageofGDPhavedecreased,whileimportshas rcentageofGDPhavebothexportsandimports rcentageofGDPhavebothexportsandimports rcentageofGDPhavebothexportsandimportsas rcentageofGDPhaveremainedconstant. Diff:In2010,whichofthefollowingcountrieshadthehighestratioofexportstoUnited Diff:1Theratioofacountry'sexportstoitsGDPbegreaterthanbelessthanequaltheratioofimportstobelargerthantheratioofimportsto Diff:Whichofthefollowingbestdefinestherealexchangethepriceofforeignbondsintermsofdomesticthepriceofforeigncurrencyintermsofdomesticthepriceofdomesticgoodsintermsofforeignthepriceofdomesticcurrencyintermsofforeign Diff:Whichofthefollowing,allelsefixed,willcausetherealexchangeratetoanominalareductionintheforeignpriceareductioninthedomesticpriceallofthe Diff:FromtheoftheUnitedStates,anincreaseinthenominalexchangeratewillcausewhichofthefollowing?the eslessexpensivetoforeigngoodsaremoreexpensivetoforeigncurrencyismoreexpensivetoAmericangoodsaremoreexpensiveto Diff:Whenthedollarappreciatesrelativetothepound,thepoundpriceofthedoesnotincreasesordecreases,dependingontheamountofthechangesinthenextperiod. Diff:Supposethereisarealdepreciationofthedollar.Whichofthefollowingmayhaveforeigncurrency emoreexpensiveinforeigngoods emoreexpensivetotheforeignpricelevelhasincreasedrelativetotheU.S.priceallofthe Diff:Supposethatoverthepastdecade,U.S.inflationislessthanthatinMexico.Furtherassumethatduringthissameperiod,thedollardepreciatesrelativetotheMexicanpeso.Giventhistherealexchangerateremainstherealexchangeratemusttherealexchangeratemusttherealexchangeratecanincreaseorremainthesame,butnottherealexchangeratecandecreaseorremainthesame,butnotincrease. Diff:/ /關(guān)稅是A） 進(jìn)口商和出口商之間的安排。D） 進(jìn)入該國(guó)的進(jìn)口貨物數(shù)量的限制。答案：在，過(guò)去四十年 出口占國(guó)內(nèi)生產(chǎn)總值的百分比有所增加，而進(jìn)口占國(guó)內(nèi)生產(chǎn)總值的百分比有所下降。B）出口占國(guó)內(nèi)生產(chǎn)總值的百分比有所下降，而進(jìn)口占國(guó)內(nèi)生產(chǎn)總值的百分比有所增加。C）出口和進(jìn)口占GDPC）一個(gè)國(guó)家的出口與其GDP少于一個(gè)。C）等于進(jìn)口與GDP的比率。D）大于進(jìn)口與GDP的比率。E）國(guó)外商品的外國(guó)商品價(jià)格D）以外幣計(jì)算的本幣價(jià)格E）D）以上所有內(nèi)容E）從的角度來(lái)看，名義匯率的增加將導(dǎo)致以下哪一項(xiàng)？A）外國(guó)人的變得便宜了 外國(guó)商品對(duì)人來(lái)說(shuō)更貴 國(guó)貨幣對(duì)人來(lái)說(shuō)更貴 減少。C）假設(shè)實(shí)際貶值。可能發(fā)生了以下哪種情況？A）外幣變得更加昂貴。 外國(guó)商品對(duì)人來(lái)說(shuō)變得更加昂貴。 對(duì)于價(jià)格水平，國(guó)外價(jià)格水平有所提高。D）實(shí)際匯率必須增加。 實(shí)際匯率可以增加或保持不變，但不會(huì)減少。E）America'slargesttradingpartnerEuropean Diff:Anothernamefor"currentaccounttransactions""capitalaccount "nettransfers"checkingaccount Diff:BecausetheU.S.traditionallygivesmoreforeignaidthanitreceives,theU.S.traditionallyhasanegativevalueforthecapitalaccountthetrade nettransfers Diff:1WhentheU.S.hasacurrentaccountsurplus,weknowthatitisrunningabalancedtradelendingtotherestoftheborrowingfromtherestofthesufferingfromnegative Diff:Thedifferencebetweennetcapitalflowsandthecurrentaccountdeficitiscalledcapitalaccountcapitalaccountinternationalmissingstatistical Diff:InacountrylikeSaudiArabia,whichearnssubstantial efromholdingthestocksandbondsofothercountries,wewouldexpectGNPtobelargerthanacurrentaccountacurrentaccountsurpluslargerthanacurrentaccountsurpluslargerthanGDPtobelargerthanGNP. Diff:Iftheexchangeratebetweenthedollarandthepound(thepoundpriceofthedollar)iscurrently1.50,andisexpectedtobe1.35inoneyear,thentheexpectedrateofdepreciationofthedollarisdepreciationofthedollarisappreciationofthedollarisappreciationofthedollaris Diff:Assumethattheuncoveredinterestparityconditionholds.AlsoassumethattheU.S.interestrateislessthantheU.K.interestrate.Giventhisinformation,weknowthatinvestorsexpectthepoundtothepoundtothedollar-poundexchangeratetoremaintheU.S.interestrateto Diff:Assumethattheinterestrateinaforeigncountryis7%andthattheforeigncurrencyisexpectedtodepreciateby3%duringtheyear.ForeachdollarthataU.S.residentinvestsinforeignbonds,he/shecanexpecttogetbackanapproximatetotalof Diff:2Supposetwocountriesmakeacrediblecommitmenttofixtheirbilateralexchangerate.Insuchasituation,weknowthattheuncoveredinterestparityconditionnolongertherealexchangeratemustbeconstantaseachcountrycanfreelyallowitsinterestratetodivergefromthatoftheothertheinterestrateinthetwocountriesmustbeneithercountrywillrunatradedeficit. 1最大的貿(mào)易伙伴是A）B）歐盟。E） 由于傳統(tǒng)上提供的外援比其收到的，因此傳統(tǒng)上具有價(jià)B）貿(mào)易平衡。C）投資收益。D）收到的凈轉(zhuǎn)賬。E）以上所有內(nèi)容答案：D當(dāng)有經(jīng)常賬戶盈余時(shí)，知道它也是A）運(yùn)行平衡的交易賬戶。 C）國(guó)際錯(cuò)誤。D）缺少數(shù)字。E）統(tǒng)在像沙特這樣的國(guó)家，可以期待通過(guò)持有其他國(guó)家的和債券賺取可觀B）經(jīng)常賬戶赤字。 常賬戶盈余大于GDP。E）GDP大于A）貶值10％B）貶值15％C）升值10％D）升值15％A）英鎊貶值。 C）美元兌英鎊匯率保持固定。D） 一，他/她可以期望得到大約的總額A）$.93。$.96。1.04。D）1.07。E） 每個(gè)國(guó)家都可以地允許其利率與其他國(guó)家的利率不同。D） In2010,exports rcentageofGDPfortheUnitedStatesareapproximabetween1%andbetween10%andbetween20%andbetween40%and Diff:Asof2010,theratioofexportstoGDPforBelgiumwasapproximayequal Diff:1IfthepricelevelinJapanis1.0,thepricelevelintheU.S.is2.0,anditcosts100Yentobuyonedollar,thentherealexchangeratebetweentheU.S.andJapanis Diff:2Year-to-yearmovementsinrealexchangeratesbetweenindustrializedcountriesliketheU.S.andCanadaarecausedmostlybychangesinrelativeratesofchangesinrelativegrowthratesofchangesinquotasorchangesincapitalchangesinnominalexchangerates. Diff:SupposetheU.S.one-yearinterestrateis3%peryear,whileaforeigncountryhasone-yearinterestrateof5%peryear.Ignoringriskandtransactioncosts,aU.S.investorshouldinvestinforeignbondsaslongastheexpectedyearlyrateofdepreciationoftheforeigncurrencylessthangreaterthangreaterthanlessthan Diff:2WhichofthefollowinghasoccurredfortheUnitedStatessincetheratioofexportstoGDP(X/Y)andtheratioofimportstoGDP(IM/Y)havebothX/YhasincreasedwhileIM/YhasX/YhasdecreasedandIM/YhasX/YhasdecreasedandIM/Yhasdecreased. Diff:WhichofthefollowinghasoccurredfortheUnitedStatessincetheratioofexportstoGDP(X/Y)andtheratioofimportstoGDP(IM/Y)havebothX/YhasincreasedwhileIM/YhasX/YhasdecreasedandIM/YhasX/YandIM/Yhavestayedrelatively Diff:TheratioofexportstoGDPfortheUnitedStatesin2010is yequal Diff:1EstimatesarethattradablegoodsintheU.S.accountforapproxima ywhatshareofGDPintheU.S.? Diff:In2010,whichofthefollowingcountrieshadthelowestratioofexportsto Diff:1A）20％么和之間的實(shí)際匯率是A2。B1050100。EC）或關(guān)稅的變化。 資本的變化。 成本，只要預(yù)期的外幣年折舊率，投資者就應(yīng)該投資外國(guó)債券。A）出口與GDP的比率（XY）和進(jìn)口與GDP的比率（IMY）都有所增加。B）當(dāng)IM/Y減少時(shí)，X/Y增加。C）XY減少，IMY增加。D）XY減少，IMY減少。A）出口與GDP的比率（X/Y）和進(jìn)口與GDP的比率（IM/Y）均下降B）當(dāng)IM/Y減少時(shí)，X/Y增加C）X/Y減少，IM/Y增加D）X/Y和IM/Y保持相對(duì)恒定E）B）16％C） 上都不是答案：A）B）E）答案：EIn2010,whichofthefollowingcountrieshadthehighestratioofexportstoUnited Diff:1ThedifferencesintheratiosofexportstoGDPacrosscountriesarebelievedtobecausedprimarilybytradeeachcountry'smonetaryfiscalinflationinthedomesticcountry. Diff:ThedifferencesintheratiosofexportstoGDPacrosscountriesarebelievedtobecausedprimarilybytradeeachcountry'sallofthe Diff:1Thenominalexchangerate(E)asdefinedinthetextthenumberofunitsofforeigncurrencyyoucanobtainwithoneunitofdomesticthenumberofunitsofdomesticgoodsyoucanobtainwithoneunitofforeignthepriceofdomesticcurrencyintermsofforeignnoneofthe Diff:1WhenEincreasesby5%,weknowarealappreciationwilloccurifPdecreasesbyarealdepreciationwilloccurifPalsoincreasesbyanominalappreciationwillanominaldepreciationwilloccur. Diff:WhenEdecreasesby3%,weknowarealappreciationwilloccurifPalsofallsbyarealdepreciationwilloccurifPincreasesbynominal Diff:AnominaldepreciationoftheMexicanpeso(againstallcurrencies)indicatesthepesopriceofforeigncurrencyhastheMexicanrealexchangeratewillnotchangeifthepricelevelinMexicothepesopriceof,forexample,theU.K.poundhasthenumberofunitsofforeigncurrencythatonecanobtainwithonepesohasdecreased. Diff:AnominalappreciationoftheJapaneseyen(againstallcurrencies)indicatestheyenpriceoftheU.S.dollarhastheyenpriceoftheU.K.poundhasthenumberofunitsofforeigncurrencythatonecanobtainwithoneyenhas Diff:Whichofthefollowingexpressionsrepresentstherealexchangerate Diff:WhichofthefollowingexpressionsrepresentsthedollarpriceofforeignE Diff:C）C）貨幣政策。 內(nèi)通貨膨脹。答案：BC）地理。 以上所有內(nèi)容E）B 可以用一件外國(guó)商品獲得的國(guó)內(nèi)商品單位數(shù)量。C） 外幣比索價(jià)格下跌 如果墨西哥的價(jià)格水平下降，墨西哥的實(shí)際匯率不會(huì)改變。C） 英鎊的日元價(jià)格上漲。 一個(gè)日元可以獲得的外幣單位數(shù)量增加了。D）A）E/B）EP*/P.C）EP*。D）EPP*E）上都不是答案：DA）EP*/P.B）EP/P*C）1/E.D）Assumethatthenominalexchangeratedecreasesby4%.Ifprices(bothdomesticandforeigndonotchange),weknowthatforeigngoodsarenowrelatively foreigngoodsarenowrelativelymoredomesticgoodsarenowrelativelymore Diff:2Assumethatthenominalexchangerateincreasesby2%.Ifprices(bothdomesticandforeigndonotchange),weknowthatdomesticgoodsarenowrelatively domesticgoodsarenowrelativelymoreforeigngoodsarenowrelatively Diff:2Areductionintherealexchangerateindicatesforeigngoodsarenowrelatively foreigngoodsarenowrelativelymoredomesticgoodsarenowrelativelymore Diff:1Anincreaseintherealexchangerateindicatesdomesticgoodsarenowrelatively domesticgoodsarenowrelativelymoreforeigngoodsarenowrelatively Diff:1Whichofthefollowingwillcausearealareductioninadecreaseinanincreasein Diff:Whichofthefollowingwillcausearealanincreaseinareductioninareductioninallofthe Diff:Whichofthefollowingeventswillcausethesmallestchangeintherealexchangeratea6%dropinEanda6%increaseintheforeignpricelevela6%increaseinthedomesticpricelevel(P)anda6%reductionina6%dropinEanda6%reductionina3%increaseina2%increaseinEanda2%increaseinP Diff:Whichofthefollowingeventswillcausethelargestrealdepreciationforthedomestica6%reductioninEanda6%increaseintheforeignpricelevela6%increaseinthedomesticpricelevel(P)anda6%reductionina6%reductioninEanda6%reductionina3%increaseina2%increaseinEanda2%increaseinP Diff:SupposeyouhaveoneU.S.dollarwithwhichyouwishtopurchaseU.K.(one-year)bondsinperiodt.WhichofthefollowingexpressionsrepresentstheamountofU.S.dollarsyouwillreceiveinoneyear(i.e.,periodt+1)frompurchasingU.K.bondsinperiodt?i1+(1+(1+ Diff:SupposeyouhaveoneU.S.dollarwithwhichyouwishtopurchaseU.K.(one-year)bondsinperiodt.WhichofthefollowingexpressionsrepresentstheamountofU.K.poundsyouwillreceiveinoneyear(i.e.,periodt+1)frompurchasingU.K.bondsinperiodt?i1+(1+(1+ A）外國(guó)商品現(xiàn)在相對(duì)便宜。B）外國(guó)商品現(xiàn)在相對(duì)更貴。C）國(guó)內(nèi)商品現(xiàn)在相對(duì)更貴。D）A和C實(shí)際匯率的增加表明A）國(guó)內(nèi)商品現(xiàn)在相對(duì)便宜。B）國(guó)內(nèi)商品現(xiàn)在相對(duì)更貴。C）外國(guó)商品現(xiàn)在相對(duì)便宜。D）B）PC）P*D）上都不是答案：DB）P*減少 B）國(guó)內(nèi)價(jià)格水平（P）增加6％，P*減少6％E）E增加2％，P增加 B）國(guó)內(nèi)價(jià)格水平（P）增加6％，P*減少6％買英國(guó)債券期間的一年內(nèi)（即期間t+1）將獲得的金額？A）B）1+i*C）（1i*）Eet1EtD）（1i*）EtEet1英國(guó)債券，一年內(nèi)（即t+1期）您將獲得的英鎊數(shù)量？A）我B1+iC）（1i*）Eet1EtD）（1i*）EtEet1WhichofthefollowingexpressionsrepresentstheamountofforeigncurrencyyoucanobtainwithoneU.S.dollar?1/ Diff:Forthisquestion,assumetheinterestparityconditionsholds.Alsoassumethatthedomesticinterestrateis9%andthattheforeigninterestrateis5%.Giventhisinformation,wewouldexpectthatindividualswillonlyholdforeignindividualswillonlyholddomesticthedomesticcurrencyisexpectedtoappreciatebythedomesticcurrencyisexpectedtodepreciateby4%. Diff:Forthisquestion,assumetheinterestparityconditionsholds.Alsoassumethatthedomesticinterestrateis10%andthattheforeigninterestrateis7%.Giventhisinformation,wewouldexpectthatindividualswillonlyholdforeignindividualswillonlyholddomesticthedomesticcurrencyisexpectedtoappreciatebythedomesticcurrencyisexpectedtodepreciateby3%. Diff:Assumetheinterestparityconditionholdsandthatindividualsexpectthedollartoappreciateby5%duringthecomingyear.Giventhisinformation,weknowthattheinterestratedifferentialbetweenthetwocountriesislessthani<i=individualswillonlyholdforeign Diff:Whichofthefollowingconditionswilloccurwhentwocountriesareengagedinacredible,fixedexchangerateregime?E=E>i=E< Diff:2Forthisquestion,assumethatthedomesticinterestrateis8%andthattheforeigninterestrateis6%.Andfinally,assumethatthedomesticcurrencyisexpectedtodepreciateby3%duringthecomingyear.Giventhisinformation,weknowthatindividualswillonlyholddomesticindividualswillonlyholdforeignindividualswillbeindifferentaboutholdingdomesticorforeigntheinterestparityconditionholds. Diff:Forthisquestion,assumethatthedomesticinterestrateis6%andthattheforeigninterestrate4%.Andfinally,assumethatthedomesticcurrencyisexpectedtoappreciateby3%duringthecomingyear.Giventhisinformation,weknowthatindividualswillonlyholddomesticindividualswillonlyholdforeignindividualswillbeindifferentaboutholdingdomesticorforeigntheinterestparityconditionholds. Diff:Forthisquestion,supposethedomesticinterestrateis4%andthattheforeigninterestrateis7%.Andfinally,assumethatthedomesticcurrencyisexpectedtodepreciateby3%duringthecomingyear.Giventhisinformation,weknowthatindividualswillonlyholddomesticindividualswillonlyholdforeignindividualswillbeindifferentaboutholdingdomesticorforeigntheinterestparityconditionholds. Diff:Supposethedomesticinterestrateis3%andthattheforeigninterestrateis6%.Andfinally,assumethatthedomesticcurrencyisexpectedtoappreciateby4%duringthecomingyear.Giventhisinformation,weknowthatindividualswillonlyholddomesticindividualswillonlyholdforeignindividualswillbeindifferentaboutholdingdomesticorforeigntheinterestparityconditionholds. Diff:Whichofthefollowing,allelsefixed,willcausetherealexchangeratetoanominalanincreaseintheforeignpriceanincreaseinthedomesticpriceallofthe B）Eet1C）1/Eet+1D） 上都不是答案：A于這些信息，希望如此A）個(gè)人只持有外國(guó)債券。B）個(gè)人只持有國(guó)內(nèi)債券。C）預(yù)計(jì)本國(guó)貨幣將升值4％。D）鑒于這些信息，希望如此A）個(gè)人只持有外國(guó)債券。B）個(gè)人只持有國(guó)內(nèi)債券。C）預(yù)計(jì)本國(guó)貨幣將升值3％。D）B）我<i*。C）i=i*。D）個(gè)人只持有外國(guó)債券。E）A）E=B）E>D）E年貶值3％。鑒于此信息，知道這一點(diǎn) 人對(duì)持有國(guó)內(nèi)或國(guó)外債券無(wú)動(dòng)于衷。D）預(yù)計(jì)將升值3％。鑒于此信息，知道這一點(diǎn) 人對(duì)持有國(guó)內(nèi)或國(guó)外債券無(wú)動(dòng)于衷。D）年貶值3％。鑒于此信息，知道這一點(diǎn) 人對(duì)持有國(guó)內(nèi)或國(guó)外債券無(wú)動(dòng)于衷。D）鑒于此信息，知道這一點(diǎn) D）以上所有內(nèi)容 FromtheoftheUnitedStates,areductioninthenominalexchangeratewillcausewhichofthefollowing?the esmoreexpensivetoforeigngoodsarelessexpensivetoforeigncurrencyislessexpensivetoAmericangoodsarelessexpensiveto Diff:Whenthedollardepreciatesrelativetothepound,thepoundpriceofthedoesnotincreasesordecreases,dependingontheamountofthechangesinthenextperiod. Diff:Supposethatoverthepastdecade,U.S.inflationisgreaterthanthatinMexico.Furtherassumethatduringthissameperiod,thedollarappreciatesrelativetotheMexicanpeso.Giventhisinformation,therealexchangerateremainstherealexchangeratemusttherealexchangeratemusttherealexchangeratecanincreaseorremainthesame,butnottherealexchangeratecandecreaseorremainthesame,butnotincrease. Diff:Assumethattheuncoveredinterestparityconditionholds.AlsoassumethattheU.S.interestrateisgreaterthantheU.K.interestrate.Giventhisinformation,weknowthatinvestorsexpectthepoundtothepoundtothedollar-poundexchangeratetoremaintheU.S.interestrateto Diff:AnominalappreciationoftheMexicanpeso(againstallcurrencies)indicatesthepesopriceofforeigncurrencyhastheMexicanrealexchangeratewillnotchangeifthepricelevelinMexicothepesopriceof,forexample,theU.K.poundhasthenumberofunitsofforeigncurrencythatonecanobtainwithonepesohasincreased. 從的角度來(lái)看，名義匯率的下降將導(dǎo)致以下哪一項(xiàng)？A） 外國(guó)人對(duì)人來(lái)說(shuō)便宜。 當(dāng)相對(duì)于英鎊貶值時(shí)，的英鎊價(jià)格A）B）減少。C）A）實(shí)際匯率保持不變。 匯率可以增加或保持不變，但不會(huì)減少。E）實(shí)CA）英鎊貶值。 C）美元兌英鎊匯率保持固定。D） A）外幣比索價(jià)格上漲 如果墨西哥的價(jià)格水平下降，墨西哥的實(shí)際匯率不會(huì)改變。C） Essay1)Explainthethreedistinctnotionsof Therearethreenotionsofopenness.,thereisopennessinthegoodsmarketwhereagentsbuydomesticandforeigngoodsanddomesticfirmssellgoodsabroad.Second,thereisopennessinfinancialmarketswhereindividualscanpurchase,forexample,domesticorforeignbonds.Andthird,thereisopennessinfactormarketswherefirmscanlocateeitherdomesticallyorinothercountries.Workerscsomovebetweencountries.2),writeouttheexpression/equationfortherealexchangerate.Second,explainallfactorsthatdeterminetherealexchangerate. Therealexchangerateisthepriceofdomesticgoodsintermsofforeigngoods.ItisrepresentedasEP/P*.AnincreaseinE,anominalappreciation,raisesthepoundpriceofthedollar.Thiswillalsoraisetherelativepriceofdomesticgoods.AnincreaseinP*,theforeignpricelevel,reflectsanincreaseintheforeigncurrencypriceofforeigngoods.Thiswillreducetherelativepriceofdomesticgoods.Andfinally,anincreaseinP,thedomesticpricelevel,reflectsanincreaseinthedollarpriceofdomesticgoods.Thiswillincreasetherelativepriceofdomesticgoodsintermsofforeigngoods.Whatarethedifferencesbetweentherealexchangerateandnominalexchangerate? Therealexchangerate,EP/P*,representstherelativepriceofdomesticgoodstermsofforeigngoods.Thenominalexchangerate,E,isthepoundpriceofdomesticcurrencyor,equivalently,therelativepriceofdomesticcurrencyintermsofforeigncurrency.Discusswhatfactorscouldcausearealdepreciation. DecreaseinE;increaseinP*;anddecreaseinP.Explainthedifferencebetweengrossdomesticproductandgrossnational GDPrepresentsthemarketvalueofallfinalgoodsandservicesproducedINacountryduringagivenperiod.GNPisthemarketvalueofallfinalgoodsandservicesproducedbydomesticallyownedfactorsofproductioninagivenperiod.Supposeyouareconsideringthepurchaseofabondissuedinanothercountry.Whatcalculationsmustyoudotocalculatetheexpectedreturnonaforeignbond?Explain. Youmustdeterminetheamountofforeigncurrencyyoucanobtainwithoneunitofdomesticcurrency(E).Youthenmustdeterminehowmuchforeigncurrencyyouwillobtaininoneyearafterpurchasingforeignbonds.Andfinally,youmustthencalculatehowmuchdomesticcurrencyyouwillreceiveinoneyearwhenyouconverttheforeigncurrencybacktodomesticcurrency.Explainwhatfactorsdeterminetheexpectedreturnonaforeign Thecurrentexchangerate,thecurrentforeigninterestrate,andthefutureexpectedexchangerate.Supposetheinterestparityconditionholdsandthatthedomesticinterestrateisgreaterthantheforeigninterestrate.Whatdoesthisimplyaboutthecurrentversusfutureexpectedexchangerate?Explain. Ifi>i*,weknowthattheforeigncurrencymustbeexpectedtoappreciatetoequatetheexpectedreturnsonthetwobonds.答：有三種開放概念。首先，商品市場(chǎng)是開放的，商國(guó)內(nèi)和國(guó)外商品，國(guó)內(nèi)公司在國(guó)外銷售商品。其次，存在開放性，個(gè)人可以國(guó)內(nèi)或國(guó)外債券。第三，要答：實(shí)際匯率是國(guó)外商品的外國(guó)商品價(jià)格。它表示為EPP*。名義升值E的增加提高了美元的英鎊價(jià)格。這也將提高國(guó)內(nèi)商品的相對(duì)價(jià)格。國(guó)外價(jià)格水平P*的增加反映了外國(guó)商了國(guó)內(nèi)商品的價(jià)格上漲。這將增加國(guó)內(nèi)商品在外國(guó)商品方面的相對(duì)價(jià)格。3）答：實(shí)際匯率EPP*代表國(guó)內(nèi)商品的國(guó)外商品相對(duì)價(jià)格。名義匯率E是本國(guó)貨幣的英鎊價(jià)答案：減少E;增加P*;P減少Supposetheinterestparityconditionholds.Alsoassumethattheone-yearinterestrateintheUnitedStatesis6%andthattheone-yearinterestrateinCanadais6%.Whatdoesthisimplyaboutthecurrentversusfutureexpectedexchangerate(fortheU.S.andCanadiandollars)? Thisimpliesthattherearenoexpectedexchangegainsorlossesfromholdingforeigncurrencydenominatedassetsforoneyear.So,theexchangeratethatfinancialmarketparticipantsexpecttooccurinoneyearisequaltothecurrentexchangerate.Assumingthattheinterestparityconditionholds,whattypeofinformationiscontainedininterestratedifferentialsbetweendomesticandforeignbonds?Explain. Giventhatthedomesticrateequalstheforeigninterestrateminusanyexpectedrateofappreciationofthedomesticcurrency,anydifferenceininterestrateswillreflectthisexpecteddepreciation/appreciationofthedomesticcurrency.Explainwhyacomparisonbetweentheinterestratesondomesticandforeignbondsmightprovidemisleadinginformationaboutwhichbondsyieldthehighestexpectedreturns.Answer:Asimplecomparisonofinterestrateswillignoretheexpectedexchangegains/lossesthatcanoccurfromholdingassetsdenominatedinaforeigncurrency.Hence,suchacomparisonwilllikelyprovideincorrectinformationaboutwhichbondshaveahigherexpectedreturn.Supposetheinterestparityconditionholdsandthatthedomesticinterestrateislessthantheforeigninterestrate.Whatdoesthisimplyaboutthecurrentversusfutureexpectedexchangerate? Ifi<i*,weknowthattheforeigncurrencymustbeexpectedtodepreciatetoequatetheexpectedreturnsonthetwobonds.Supposetheinterestparityconditionholds.Alsoassumethattheone-yearinterestrateintheUnitedStatesis5%andthattheone-yearinterestrateinCanadais6%.Whatdoesthisimplyaboutthecurrentversusfutureexpectedexchangerate(fortheU.S.andCanadiandollars)? Iftheint