15.2A Absolute Purchasing-Power Parity Theory 绝对购买力平价理论 absolute purchasing-power parity theory: the equilibrium exchange rate between two currencies is equal to the ratio of the price levels in the two nations. 均衡汇率等于两国物价水平之比。 R=P/P* price level in price level in home nation foreign nation 6
6 15.2A Absolute Purchasing-Power Parity Theory 绝对购买力平价理论 absolute purchasing-power parity theory: the equilibrium exchange rate between two currencies is equal to the ratio of the price levels in the two nations. 均衡汇率等于两国物价水平之比。 R= P / P * price level in foreign nation price level in home nation
15.2B Relative Purchasing-Power Parity Theory 相对购买力平价理论 relative purchasing-power parity theory:the change in the exchange rate over a period of time should be proportional to the relative change in the price levels in the two nations over the same time period 相对购买力平价理论：一段时期内汇率的变化与同一时期 内两国物价水平的相对变化成正比。 7
7 relative purchasing-power parity theory: the change in the exchange rate over a period of time should be proportional to the relative change in the price levels in the two nations over the same time period. 相对购买力平价理论：一段时期内汇率的变化与同一时期 内两国物价水平的相对变化成正比。 15.2B Relative Purchasing-Power Parity Theory 相对购买力平价理论
R1/R=(P1/Po)/(P1/Po) R和R分别表示当期和基期的汇率； P和P分别表示本国当期和基期的物价水平； P*和P*分别表示外国当期和基期的物价水平。 本国通胀率高于外国—本币贬值 8
8 R1和R0分别表示当期和基期的汇率； P1和P0分别表示本国当期和基期的物价水平； P1*和P0*分别表示外国当期和基期的物价水平。 R1 / R0=（P1 / P0）/ （P1* / P0* ） 本国通胀率高于外国——本币贬值
15.2C Tests of the Purchasing-Power Parity Theory 购买力平价理论的检验 ·购买力平价理论在短期内是失效的 ·从长期来看，购买力平价理论比较合适 ·在通胀高涨时期，汇率和价格变化明显趋于一致， 购买力平价的有效性较为显著。 9
9 • 购买力平价理论在短期内是失效的 • 从长期来看，购买力平价理论比较合适 • 在通胀高涨时期，汇率和价格变化明显趋于一致， 购买力平价的有效性较为显著。 15.2C Tests of the Purchasing-Power Parity Theory 购买力平价理论的检验
15.3 Monetary Approach to the Balance of Payment and Exchange Rates国际收支和汇率的货币主义理论 10
10 15.3 Monetary Approach to the Balance of Payment and Exchange Rates 国际收支和汇率的货币主义理论