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时间:2020-01-16
《第九讲:汇率决定的扩展模型货币替代模型.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、第九讲Currencysubstitution货币替代模型IntroductionNow,itshouldbesaidattheoutsetthatthenameissomethingofamisnomer,becauseinonerespectwhatisinvolvedhardlyamountstocurrency:weareconcernedhereexclusivelywithmoneyasastoreofvalue.Inotherwords,weignorethemeansofpaymentfunctionofmoneyandtreatitinsteadassimplyanass
2、etthathappenstocarryafixed,zerorateofinterest.IntroductionThestartingpointfortheanalysisistoconsiderthesituationofa(reasonablysophisticated)inhabitantofacountrywhereholdingforeignaswellasdomesticcurrencyisbothfeasibleandlegal.Whatwilldeterminetheproportionsofthetwocurrenciesintheagent’sportfolioof
3、non-interest-bearingassets?IntroductionTherisk-aversewealthownerwillrespondtoahigherrateofdepreciationbyraisingtheproportionofforeignmoneyinhisportfolio.Insteadofdomesticandforeignbondsasalternativestomoney,themenuofassetsisrestrictedheretothetwocurrencies.IntroductionAtthesametime,weintroducearic
4、herspecificationoftherealsector,withtwoproducts:atradedgoodwhosepriceisdeterminedinworldmarketsandanontradedgoodwhosepricedependsonlyonconditionsinthelocaleconomy.Theresultisthatchangesintherealexchangerateaffectthevalueofwealthboththrougharealbalanceeffectandoverthelongerterm,throughtheimpactofac
5、hangeinthetermsoftradeonthecurrentaccountofthebalanceofpayments.ThemodelAssumptions(1)Twogoodsareproducedinthedomesticeconomy:atradeableandanon-tradeable.(2)Thepriceofthenon-tradeable,PN,isdeterminedinthedomesticeconomybytheconditionthatthemarketfornon-tradedgoodsclearsatalltimes.(3)The(dollar)pri
6、ceofthetradeableisdeterminedexogenouslyintheinternationaleconomy.Forsimplicity,assumeitisfixedat1.0.6ItfollowsthatthesterlingpriceoftradeablesissimplyS,thepriceofadollar.(4)Portfoliochoiceisrestrictedtoonlytwoassets:non-interest-bearingcurrencyissuedeitherbythedomesticmonetaryauthority(‘pounds’)or
7、byaforeigngovernment(‘dollars’).Themodel(5)Thevalueoffinancialassetsheld(‘wealth’forshort)ismeasuredwithrespecttothetradedgood.So,wehave:W=M/S+F=m+F(9.1)where,forconvenience:m≡M/S.(6)Economicagentsenjoythebenefit
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