英语翻译三．实际汇率和相对购买力平价、名义汇率令Rt为计算期t时的名义货币,Pt为计算期价格指数,Vt为计算期名义货币的实际币值,则用基期币值或基期不变价(设为100)定义的实际币值(实际

英语翻译三．实际汇率和相对购买力平价、名义汇率令Rt为计算期t时的名义货币,Pt为计算期价格指数,Vt为计算期名义货币的实际币值,则用基期币值或基期不变价(设为100)定义的实际币值(实际
英语翻译
三．实际汇率和相对购买力平价、名义汇率
令Rt为计算期t时的名义货币,Pt为计算期价格指数,Vt为计算期名义货币的实际币值,则用基期币值或基期不变价(设为100)定义的实际币值(实际购买力或真实购买力)可表示为:,这样,用货币实际币值表示的真实汇率或实际汇率(直接标价) 可定义为:
其中 、 、 分别是贸易对象国计算期名义货币的实际币值、名义货币、价格指数.由于 ,因此 （4）.显然实际汇率(St) 是用通货膨胀率对计算期名义汇率 进行缩减的结果,因而实际汇率就是以基期不变价(基期币值) 计算的汇率.
将（4）式进行转换,可得 (5),将其与购买力平价公式 (6)进行比较,则当购买力平价成立时,实际汇率相对于基期汇率保持不变.当购买力平价不成立时,实际汇率相对于基期汇率就会产生偏离.实际汇率高于基期汇率,就称之为实际汇率贬值.反之,则称为升值.从一个国家的进出口贸易角度来讲,前者有利出口,而后者由于实际汇率的上涨,外国货币在本国的实际购买力下降,导致本国商品价格偏高,最终不利于本国商品出口.
由St = 可知,计算期名义汇率 是实际汇率St的一个重要决定因而 既是一个由通货膨胀率π(Pt和 )决定的内生变量,又是一个受到政府货币当局汇率政策控制的外生变量.这意味着,当期名义汇率很难避免因货币当局汇率政策的作用而发生的扭曲.例如,货币当局可能人为高估或低估当期名义汇率 ,使 偏离真实汇率.由于et是实际汇率St的重要决定因素,且dSt/det>0,随着的人为高估或低估,St也将高估或低估,从而发生扭曲.本来,求解实际汇率的目的之一是为了考察名义汇率对真实汇率的偏离,这在理论上要求实际汇率应当独立于当期名义汇率 但是,实际汇率的计算结构决定了实际汇率不可能独立于当期名义汇 这样,如果将真实汇率更一般地定义为均衡汇率,那末,实际汇率St本身就可能偏离均衡汇率.从这个意义上,实际汇率并不能如人们期望的那样,可以提供更准确的真实汇率信息.
因此St作为除去通货膨胀后报告期的货币购买力,它只是用来衡量名义汇率对购买力平价的偏离度的.因此实际汇率、购买力平价和名义汇率这三者的关系犹如一个人的组成：名义汇率即某个人的名字,实际汇率即某个人的真实存在,而购买力平价则是这个人的品行.人的名字是可以由外部因素决定的,他的品行却是本身所具有的,外界力量不能强加于他.当我们提到某个人的名字想到他的种种品行时,这些品行却是由于这个人的真实存在才得以表现出来的.因此真人是连结人名和品行的桥梁,通过真人我们才能确定人名和品行是否相符.同样,实际汇率是连接名义汇率和购买力平价的桥梁,用它来衡量名义汇率和实际汇率的偏离度.

英语翻译三．实际汇率和相对购买力平价、名义汇率令Rt为计算期t时的名义货币,Pt为计算期价格指数,Vt为计算期名义货币的实际币值,则用基期币值或基期不变价(设为100)定义的实际币值(实际
3.The real exchange rate and relative purchasing power parity,so that the nominal exchange rate Rt t for the purpose of calculating the period of the nominal money,Pt period for the purpose of calculating the price index Vt period for the purpose of calculating the actual value of the currency name.used the same base price or value-based (as the 100) definition of the actual value (real purchasing power or real purchasing power) can be expressed as :so that the actual value of the currency,said the real effective exchange rate or exchange rate (direct price),defined as :which,are trade partners and calculation of the actual value of the currency name,the name of the currency,with the price index.As,and (4).Obviously the real exchange rate (St) is used to calculate the inflation rate reductions in the nominal exchange rate period,hence the real exchange rate is constant prices to the base period (based currency) exchange rate calculation.To (4) - to convert available (5),and its purchasing power parity formula (6),When the PPP was established,the actual exchange rate remained unchanged compared with the base period.When the PPP is not established,the real exchange rate relative to the base period,the exchange rate would have deviated from.The effective exchange rate is higher than the base period,as the real exchange rate depreciation.Instead,they were called appreciation.From the perspective of a country's import and export trade,the former favorable to export,and the latter because of the rise in the real exchange rate.in the actual purchasing power of foreign currencies,and this has led to high commodity prices and ultimately detrimental to their commodity exports.From St.= know,St.actual exchange rate calculation period of the nominal exchange rate is an important determinant of the rate of inflation which is both a π (Pt) to the endogenous variable,is a government-controlled exchange rate policy,monetary authorities exogenous variables.This means that the current nominal exchange rate for the monetary authorities is difficult to avoid the distortion of the role of exchange rate policy.For instance,monetary authorities may overestimate or underestimate the current nominal exchange rate artificially so that deviate from the real exchange rate.As et St.is an important determinant of the real exchange rate,and dSt/det>0,with the man overestimated or underestimated.St.also overestimated or underestimated,thus distorted.Originally,the real exchange rate for the purpose of the inspection is to deviate from the nominal exchange rate of the real exchange rate.In theory,this requirement in the current nominal exchange rate should be independent of the real exchange rate,however,The actual calculation of the real exchange rate determines the structure can not be independent from the current nominal exchange rate to do.If the real exchange rate to a more general definition of a balanced exchange rate,then,the real exchange rate may deviate from St.equilibrium exchange rate itself.In this sense,the real exchange rate is not as people expected,the real exchange rate can provide more accurate information.So St.after removing the effect of inflation as the purchasing power of the currency reporting period.It is used to measure the deviation from the nominal exchange rate to the purchasing power parity.Therefore,the actual rate,the nominal exchange rate and PPP as a person of the three relationships :that the name of an individual,the nominal exchange rate,the real effective exchange rate is an individual,and the PPP is that this behavior.The name can be determined by external factors,has his own character is,outside forces should not be imposed on him.When we mentioned the name of a person he thought of the various behavior,This is because such behavior has been the only manifestation of the real.So live it is a bridge connecting names and character,and character names can be determined by whether we live in line.Similarly,the actual rate of exchange is a bridge connecting the nominal exchange rate and PPP.it is used to measure the nominal exchange rate and the degree of deviation of the actual exchange rate.

Three. The actual exchange rate and the relative purchasing, the nominal exchange rate make Rt are time the computation time t nominal currency, Pt are the computation time price index, Vt are the com...

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Three. The actual exchange rate and the relative purchasing, the nominal exchange rate make Rt are time the computation time t nominal currency, Pt are the computation time price index, Vt are the computation time nominal currency actual currency values, then does not appraise with the base period currency value either the base period (supposes is the actual currency value which 100) define (actual purchasing power or real purchasing power) may express is: Like this, the real exchange rate or the actual exchange rate which expressed with the currency actual currency value (direct costing) may define is:
In which, respectively is the trade object country computation time nominal currency actual currency value, the nominal currency, the price index. Because, therefore (4). Obviously actual exchange rate (St) is to calculates the result with the inflation rate which the time nominal exchange rate carries on reduces, thus the actual exchange rate is does not appraise by the base period the exchange rate which (base period currency value) calculates.
(4) type will carry on the transformation, might result in (5), will carry on it with purchasing formula (6) the comparison, when then the purchasing had been established, the actual exchange rate is opposite in the base period exchange rate maintenance is invariable. When purchasing inadequate immediately, the actual exchange rate is opposite in the base period exchange rate can have the deviation. The actual exchange rate is higher than the base period exchange rate, calls it the actual exchange rate depreciation. Otherwise, then is called the revaluation. Says from a national import-export trade angle, the former exports advantageously, but the latter as a result of the actual exchange rate rise, the foreign currency drops in our country actual purchasing power, causes our country commodity price to be high, finally does not favor our country commodity exportation.
= May know by St, the computation time nominal exchange rate is an actual exchange rate St important decision thus not only is one in which pi (Pt and) decided by the inflation rate causes trouble the quantity, also is one receives the government currency authority exchange rate policy control the exogenous variable. This meant, when the time nominal exchange rate is very difficult to avoid the distortion which occurs because of the currency authority exchange rate policy function. For example, the currency authority possible artificial to overestimate or to underestimate works as the time nominal exchange rate, causes the deviation real exchange rate. Because et is the actual exchange rate St important determining factor, also dSt/det>0, along with artificial overestimates or underestimated that, St will also overestimate or underestimated, thus will have the distortion. Originally, one of solution actual exchange rate goals is for inspect the nominal exchange rate to the real exchange rate deviation, but this theoretically requests the actual exchange rate to have to be independent in works as the time nominal exchange rate, the actual exchange rate computation structure had decided the actual exchange rate not impossible to be independent in when the time name collects this, if defines generally the real exchange rate as the balanced exchange rate, then, the actual exchange rate St itself possibility deviates the balanced exchange rate. From this significance, such which the actual exchange rate cannot like the people expect, may provide the more accurate real exchange rate information.
Therefore St took after the inflation the current period purchasing power of money, it only is uses for to weigh the nominal exchange rate to the purchasing deviation. Therefore the actual exchange rate, the purchasing and nominal exchange rate these three relations just like a person the composition: Nominal exchange rate namely somebody name, actual exchange rate namely somebody real existence, but the purchasing is this person's conduct. Human's name is may by exterior factor decision, his conduct is actually, the outside strength which itself has cannot impose in him. When we mentioned somebody name thought when his all sorts of conducts, these conducts are actually because this person's real existence only then can display. Therefore the honorable person is links the personal name and the conduct bridge, through the honorable person we can determine personal name and conduct whether tallies. Similarly, the actual exchange rate is the connection nominal exchange rate and the purchasing bridge, weighs the nominal exchange rate and the actual exchange rate deviation with it.

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