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1、Chapter15
2、OpenEconomyMacroeconomics211Chapter15OpenEconomyMacroeconomicsQuestions1.Howisthenominalexchangeratebetweentwocurrenciesdefined?Answer:Thenominalexchangerateisthepriceofonecountry’scurrencyinunitsofanothercountry’scurrency.Specifically,thenominal
3、exchangerateisthenumberofunitsofforeigncurrencythatcanbepurchasedwithoneunitofdomesticcurrency.Thenominalexchangerate(e)iscalculatedasA-head:EXCHANGERATESConcept:Nominalexchangerates2.SupposethatthepriceofacarmanufacturedintheU.S.remainsunchanged.IftheU.S.
4、dollardepreciatesagainsttheSouthKoreanwon,willthepriceofthecar,intermsofthewon,becomehigherorlower?Explain.Answer:PriceofaU.S.carinKoreanWonisequaltoexpriceofthecarwhereeisthenominalexchangerateandisequaltounitsofKoreanWon/1unitofU.S.dollar.IftheU.S.dollar
5、depreciatesagainsttheKoreanWon(i.e.,afalline),thepriceofacarmanufacturedintheU.S.expressedinKoreanWonwillbelower.A-head:EXCHANGERATESConcept:Appreciationanddepreciationofacurrency3.Distinguishamongflexible,fixed,andmanagedexchangerates.Answer:Ifthegovernme
6、ntdoesnotinterveneintheforeignexchangemarket,thenthecountryhasaflexibleexchangerate,whichisalsoreferredtoasafloatingexchangerate.Ifthegovernmentsetsalong-runvaluefortheexchangerateandintervenestodefendthatvalue,thenthecountryhasafixedexchangerate.Ifthegove
7、rnmentintervenesactivelyintheforeignexchangemarketwithoutsettingaparticularvaluefortheexchangerate,thenthecountryhasamanagedexchangerate.Thevaluesofmanagedexchangeratesdochange,butthefluctuationsarerelativelysmoothwhentheyoccur.A-head:EXCHANGERATESConcept:
8、Flexible,managed,andfixedexchangerates©2015PearsonEducation,Inc.Chapter15
9、OpenEconomyMacroeconomics2114.Whatdoesthedemandcurvefordollarsshow?Whydoesthedemandcurvefordollarsslopedownward?Answer:Thedemandcurvefordollarsrepresentstherelationshipbetweenthequan
10、tityofdollarsdemandedandthenominalexchangeratebetweenthedollarandanothercurrency—say,theeuro.ThedemandfordollarsinexchangeforeurosisdownwardslopingbecauseahigherexchangerateincreasesthepriceofU.S.goodsfacedby
