率以%表示)是到期日的年名义利率减去在借款期间预期的年通货膨胀率。回忆下,有证据表明相对购买力平价在长期比短期能够更好地成立。在这种情况下,国际实际利率差异在长期要比短期大吗?解释你的推理。
Continuing with the preceding problem,we can define short and long-term real rates of interest. In all cases the relevant real interest rate (annualized, that is,expressed in percent per year) is the annualized nominal interest rate at the maturity in question,less the annualized expected inflation rate over the period of the loan. Recall the evidence that relative PPP seems to hold better over long horizons than short. In that case,will international real interest differentials be larger at short than at long maturities? Explain your reasoning.
第2题
第6题
英国是欧盟成员国,但它并未采用欧元,就像我们在本章中解释的那样,就此问题仍存在激烈的争论。
a.查找英国从1998年以来的宏观经济数据(通胀率、失业率、实际GDP增长率)并且与欧元区的数据进行比较。
b.1998年之后,英国与欧元区的名义利率是多少?如果欧洲中央银行将英国的名义利率水平设定在欧元的利率水平,并且将英镑与欧元的汇率固定,那么英国应该怎样做?
Britain belongs to the EU, but it has not yet adopted the euro, and fierce debate rages over the question.
a.Find macro data on the British economy's performance since 1998 (inflation, unemployment,real GDP growth) and compare these with euro zone data.
b.What were nominal interest rates in Britain and the euro zone after 1998? How would Britain have done if the ECB had been setting Britain's nominal interest rate at the euro zone level and the pound sterling's euro exchange rate had been fixed?
第9题
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