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  
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