理论汇率模型的修正

Translated title of the contribution: Amendment to Theoretical Exchange Rate Model

任 治君

Research output: Contribution to journalArticle

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Abstract

The Purchasing Power Parity theory raised by Cassel has exfisted for almost one century. Today, great changes have taken place in the fundamental environment where the theoretical exchange rate model works. In immobile production factors situation, international exchange of goods is based directly on international value. Then, the change of exchange rate on1y relates to the fluctuation of price and has nothing to do with change of labor productivity. But if production factors become mobile, international exchange of goods then should take international price of production as its basis. Therefore, the exchange rate only depends on labor productivity and has nothing to do with price change. Thus, in consideration of money quantity's effect on exchange rate, we are able to, and to be exact, we should use a new theoretical exchange rate model E=E0*Lb/La*Pa/Pb to substitute the old one E=E0*Pa/Pb.
However, taking that production factors are far from completely free flow among countries, theoretical exchange rate then should accept exchange rates calculated with both new and old models as its ceiling and floor. In another word, we use the new theoretical model to amend the old one.
Original languageChinese (Simplified)
Pages (from-to)164-175
Number of pages12
JournalJournal of Economics of Shanghai School
Volume7
Issue number4
Publication statusPublished - 2009
Externally publishedYes

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Exchange rates
Amendments
Factors
Labour productivity
Purchasing power parity
Fluctuations
Prices of production
Price changes
Substitute

Keywords

  • Purchasing Power Parity
  • international movements of production factors
  • relative price
  • relative labor productivity
  • theoretical exchange rate model

Cite this

理论汇率模型的修正. / 任治君.

In: Journal of Economics of Shanghai School, Vol. 7, No. 4, 2009, p. 164-175.

Research output: Contribution to journalArticle

任治君 2009, '理论汇率模型的修正', Journal of Economics of Shanghai School, vol. 7, no. 4, pp. 164-175.
任治君. / 理论汇率模型的修正. In: Journal of Economics of Shanghai School. 2009 ; Vol. 7, No. 4. pp. 164-175.
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KW - 理论汇率模型

KW - Purchasing Power Parity

KW - international movements of production factors

KW - relative price

KW - relative labor productivity

KW - theoretical exchange rate model

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JO - Journal of Economics of Shanghai School

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