山东大学货币经济学英授课教案

山东大学货币经济学（英）授课教案

课程代码0023100710-4 授课日期月日（）课程名称Monetary Economics 授课方式授课+讨论

授课教师姓名Kong Danfeng (孔丹凤) 职称Professor

授课对象金融数学2011级39人

留学生2人（荷兰、意大利）

授课时数18周周3

授课地点中心理综楼208

本单元或章节的教学目的与要求

Chapter 17 The Foreign Exchange Market

This chapter explains behavior in the foreign exchange market by using a modern asset-market approach to exchange rate determination. This asset-market approach is now the dominant method of analyzing exchange rate movements in the literature and it has major advantages over the more conventional treatment of the foreign exchange market typically found in money and banking textbooks.

To help students achieve an intuitive grasp of how the relative expected return on domestic assets, and hence the demand curve shifts, tell them to put themselves in the shoes of an investor who is thinking about putting his or her money into foreign or domestic assets. When a factor changes, have them ask themselves whether at the same exchange rate, they would earn a higher expected return on domestic assets—if so, the demand curve has shifted to the right. This kind of thinking will help them manipulate the demand curve so they can predict which way the exchange rate changes. Several summary tables in the chapter should help students master the material, and I have found that using them in class helps greatly in clarifying the discussion.

授课主要内容及学时分配

Chapter 17 The Foreign Exchange Market

∙Foreign Exchange Market

What Are Foreign Exchange Rates?

Following the Financial News: Foreign Exchange Rates

What Are Exchange Rates Important?

How is Foreign Exchange Traded?

∙Exchange Rates in the Long Run

Law of One Price

Theory of Purchasing Power Parity

Why the Theory of Purchasing Power Parity Cannot Fully Explain Exchange Rates

Factors That Affect Exchange Rates in the Long Run

∙Exchange Rates in the Short Run

Comparing Expected returns on Domestic and Foreign Deposits

Interest Parity Condition

Demand Curve for Domestic Assets

Supply Curve for Domestic Assets

Equilibrium in the Foreign Exchange Market

∙Explaining Changes in Exchange Rates

Shifts in the Demand for Domestic Assets

Changes in Interest Rates

Changes in Money Supply

Exchange Rate Overshooting

∙Summary

重点、难点及对学生的要求（掌握、熟悉、了解、自学）

Why Study Money and Monetary Policy?

Money and Business Cycles

Money and Inflation

Money and Interest Rates

Conduct of Monetary Policy

Fiscal Policy and Monetary Policy

主要外语词汇

Chapter 17 The Foreign Exchange Market

appreciation forward exchange rate real exchange rate capital mobility

forward transaction spot exchange rate depreciation interest parity condition

spot transaction effective exchange rate index law of one price tariffs

exchange rate monetary neutrality theory of purchasing power parity (PPP)

exchange rate overshooting quotas foreign exchange market

辅助教学情况（多媒体课件、板书、绘图、标本、示教等）

多媒体课件、板书

课程网站资源/G2S/Template/View.aspx?action=view&courseType=0&courseId=325

复习思考题

Chapter 17 The Foreign Exchange Market

1.When the euro appreciates, are you more likely to drink California or French wine?

2. "A country is always worse off when its currency is weak (falls in value)." Is this statement true, false, or uncertain? Explain your answer.

3. In a newspaper, check the exchange rates for the foreign currencies listed in the Following the Financial News box on page 435. Which of these currencies have appreciated and which have depreciated since February 2, 2009?

4. If the Japanese price level rises by 5% relative to the price level in the United States, what does the theory of purchasing power parity predict will happen to the value of the Japanese yen in terms of dollars?

5. If the demand for a country's exports falls at the same time that tariffs on imports are raised, will the country's currency tend to appreciate or depreciate in the long run?

6. In the mid-to late 1970s, the yen appreciated relative to the dollar even though Japan's inflation rate was higher than America's. How can this be explained by an improvement in the productivity of Japanese industry relative to American industry?

Using Economic Analysis to Predict the Future

Answer the remaining questions by drawing the appropriate exchange market diagrams.

7.The president of the United States announces that he will reduce inflation with a new anti-inflation program. If the public believes him, predict what will happen to the exchange rate for the U.S. dollar.

8. If the British central bank prints money to reduce unemployment, what will happen to the value of the pound in the short run and the long run?

9. If the Indian government unexpectedly announces that it will be imposing higher tariffs on foreign goods one year

from now, what will happen to the value of the Indian rupee today?

10. If nominal interest rates in America rise but real interest rates fall, predict what will happen to the U.S. exchange rate?

11. If American auto companies make a breakthrough in automobile technology and are able to produce a car that gets 60 miles to the gallon, what will happen to the U.S. exchange rate?