复旦大学国际金融讲义 张立坚 |
PPP (arbitrage across goods markets)
•Long-termequilibrium and PCM –Notcausal relationship –Assumption:notransaction cost,no taxes,certainty •Absoluteand Relative PPP –Identicalconsumption baskets(law of one price): –Pricelevel –%Change: –Realexchange rate(competitiveness and terms of trade) •Extension(widerband around PPP) –Transportcost and menu cost –Tariffs –Uncertain –Empiricalanalysis •Implication –Violationof parities and role of manager –Exchangerisk,locationchoice and invoice currency – 下载地址 链接:http://pan.baidu.com/s/1hsmEHRu
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