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1、第四讲汇率决议实际:两个根本平价一价定律The law of one pricenIf two goods are identical, they must sell for the same price.n假设两种商品一样，该当按同一价钱出卖思索以下商品在中国和美国的销售价钱：周杰伦在伦敦的演唱会门票西红柿苹果公司的Ipad2房地产和理发一价定律The law of one pricen非贸易品非贸易品 Non-traded goods (or non-tradeables) are items (usually services) for which interregional price
2、 differentials cannot be eliminated by arbitrage.一价定律The law of one pricenA (consumer) price index is a weighted average of individual product prices, with weights determined by expenditure shares.物价指数 price indices物价指数 price indicesYou open the newspaper one day to read these sensational headlines:
3、 Price of salt to double! Petrol also up by 3%!(100% + 3%)/2 = 51.5% ？(100% + 3% + 0%)/3 = 34.33% ？ nSuppose weights of 0.1% for salt and 5.0% for petrol are found. Then the calculation is simply:n (0.001 100%) + (0.050 3%) = 0.1% + 0.15% = 0.25%物价指数 price indices绝对购买力平价 Absolute Purchasing power pa
4、rityPi = SPi *， i = 1 . . . Nassume the weights used in compiling the respective price indices are identicalP = SP*nProposition ： The general level of prices, when converted to a common currency, will be the same in every country.microeconomic viewnInstead of the prices of individual goods and servi
5、ces being equated internationally, it is the general price levels themselves that are brought directly into the relationship predicted by PPP macroeconomic approach) (also called monetary model of the exchange rate).绝对购买力平价Absolute Purchasing power parity实践汇率实践汇率real exchange ratenThe real exchange
6、rate is the price of foreign relative to domestic goods and services.n Q = SP*/PnOne countrys inflation rate can only be higher (lower) than anothers to the extent that its exchange rate depreciates (appreciates).n p = s + p*n dp = ds + dp*n dp dp* = ds相对购买力平价 RelativePurchasing power parity思索买卖本钱的相
7、对购买力平价nP = K(SP*)np = k + s + p*stats.bis.org/bis-stats-tool/org.bis.stats.ui.StatsApplication/StatsApplication.htmlPurchasing power parity extensionsnTraded versus non-traded goods: BalassaSamuelsonnTrade costs and adjustment to PPPn qt Et1 = f (Et1 qt1), zt1(Et1 qt1) 0 f1 1nTrade costs: iceberg modelnPF = P*F /(1 )nPC = (1 )P*nIncomplete pass-through and pricing to market (PTM)Purchasing power parity extensionsInterest rate parity
