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你能想象一下可能为非贸易品建立长期购买力平价的因素吗? (如果你理解了第4章中有关要素价格均等化的讨论,那会对你有所帮助。)

Can you think of any forces that might help bring about long -run PPP for nontradable goods? (It will help a bit here if you have understood the discussion in Chapter 4 of factor-price equalization.)

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为什么相对购买力平价有可能在长期更容易成立? (考虑一下国际贸易公司对可贸易商品存在的巨大和长期持续的跨国价格差异可能会做出怎样反应。)

Why might it be that relative PPP holds better in the long run than the short run? (Think about how international trading firms might react to large and persistent crossborder differences in the prices of a tradable good.)

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继续前面的问题,我们可以定义短期与长期的实际利率水平。在所有的情况下,相关的实际利率(年利率以%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.

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根据借款时间的长度,名义利率按照不同的到期口报价。例如,2004 年底,美国政府可以以略高于4%的年利率获得10年期的倍款,而三个月期的佶款的年利率要略低于2%。[三个月期的贷款的2%的年利率意味若如果你借入1美元,那你将在二个月底偿还1.005美元。即1.005=1+(3/12)x0.02。]尽管不总是,但通常来说,长期利率要高于短期利率,正像来自于前面2004年的例子那样。就费雪效应而言,那种形式将如何解释预期的通货膨胀或预期的未来实际利率呢?

Nominal interest rates are quoted at a variety of maturities,corresponding to different lengths of loans. For example, in late 2004 the U.S. government could take out 10-year loans at an annual interest rate of slightly over 4 percent,whereas the annual rate it paid on loans of only three months' duration was slightly under 2 percent. (An annualized interest rate of 2 percent on a three-month loan means that if you borrow a dollar,you repay $ 1.005=$1+(3/12)X$0.02 at the end of three months.) Typically,though not always, long-term interest rates are above short-term rates,as in the preceding examples from 2004. In terms of the Fisher effect,what would that pattern say about expected inflation and/or the expected future real interest rate?

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转嫁(pass through) 名词解释

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