10. Übungsblatt 5 - Wechselkurse, Währungssysteme und die Europäische Währu

1

In Japan liegen die Zinsen seit Jahren nahe 0&, während in der USA deutlich höhere Zinserträge von angenommen 4% zu erzielen waren. Ein Investor, der dennoch in Japan investierte, erwartete für den Wechselkurs (Yen pro Dollar) jährlich:

1

Nehmen Sie an der €/Franken Kurs liege aktuell bei 0,83 €/Franken, der schweizerische Zins bei 0,39% und der Zins im Euroraum bei 1,33%. Bei Gültigkeit der (ungedeckten) Zinsparität beträgt der vom Markt erwartete Wechselkurs in einem Jahr damit:

1

Die Analyse der mittleren Frist unterscheidet sich von der kurzen Frist durch

1

Der amerikanische Zins für eine 3-Monatsanleihe liegt bei 4% pro Jahr. Der $/€ Kurs liegt bei 1,3 $/€. Die Marktteilnehmer rechnen mit einer Abwertung des $/-Kurses innerhalb der nächsten 3 Monate auf 1,274 $/€. Deshalb muss der inländische Zins auf Grund der Zinsparitätenbedingung approxomativ

1

European countries have never been negatively affected by exchange rate volatility among their currencies (prior to Euro adoption) because their currencies are heavily integrated with another.

1

A system of fixed exchange rates and a common currency are prefect substitutes.

1

Countries that form a monetary union have to set rules for their fiscal policies to maintain
the stability of their exchange rate.

1

To be admitted to the European Monetary Union, countries must satisfy a set of minimum
requirements based on a set of macroeconomic variables.

1

The European Central Bank pursues as its main objective the goal of price stability.

1

During its first ten years of life, the European Central Bank has de facto behaved as the
Bundesbank would have done.

1

A group of countries is said to form an ‘optimal currency area’ only if the macroeconomic
benefits from having just one currency outweigh the costs.

1

Since the introduction of the euro, price differentials have completely disappeared between
euro member countries.

1

There exist divergent estimates about the positive trade effects of the euro on member
countries, but all of them point to a significant increase in trade flows among member
countries.

1

There is no cost of sacrificing exchange rate flexibility between different regions if wages and
prices are perfectly flexible.

1

If wages and prices are not flexible, the main cost of sacrificing exchange rate flexibility
between different regions depends on whether these regions face asymmetric shocks to
aggregate demand.

1

Euro member countries have faced no asymmetric shocks in the first ten years of the euro;
therefore the euro area can be considered and ‘optimal currency area’.

Bachelor (10 - Wechselkurse, Währungssysteme und die Europäische Währu) JK Makro 2 Test sobre 10. Übungsblatt 5 - Wechselkurse, Währungssysteme und die Europäische Währu, creado por Rafael Mentges el 03/07/2016.

10. Übungsblatt 5 - Wechselkurse, Währungssysteme und die Europäische Währu

In Japan liegen die Zinsen seit Jahren nahe 0&, während in der USA deutlich höhere Zinserträge von angenommen 4% zu erzielen waren. Ein Investor, der dennoch in Japan investierte, erwartete für den Wechselkurs (Yen pro Dollar) jährlich:

Nehmen Sie an der €/Franken Kurs liege aktuell bei 0,83 €/Franken, der schweizerische Zins bei 0,39% und der Zins im Euroraum bei 1,33%. Bei Gültigkeit der (ungedeckten) Zinsparität beträgt der vom Markt erwartete Wechselkurs in einem Jahr damit:

Die Analyse der mittleren Frist unterscheidet sich von der kurzen Frist durch

European countries have never been negatively affected by exchange rate volatility among their currencies (prior to Euro adoption) because their currencies are heavily integrated with another.

A system of fixed exchange rates and a common currency are prefect substitutes.

Countries that form a monetary union have to set rules for their fiscal policies to maintain the stability of their exchange rate.

To be admitted to the European Monetary Union, countries must satisfy a set of minimum requirements based on a set of macroeconomic variables.

The European Central Bank pursues as its main objective the goal of price stability.

During its first ten years of life, the European Central Bank has de facto behaved as the Bundesbank would have done.

A group of countries is said to form an ‘optimal currency area’ only if the macroeconomic benefits from having just one currency outweigh the costs.

Since the introduction of the euro, price differentials have completely disappeared between euro member countries.

There exist divergent estimates about the positive trade effects of the euro on member countries, but all of them point to a significant increase in trade flows among member countries.

There is no cost of sacrificing exchange rate flexibility between different regions if wages and prices are perfectly flexible.

If wages and prices are not flexible, the main cost of sacrificing exchange rate flexibility between different regions depends on whether these regions face asymmetric shocks to aggregate demand.

Euro member countries have faced no asymmetric shocks in the first ten years of the euro; therefore the euro area can be considered and ‘optimal currency area’.

Countries that form a monetary union have to set rules for their fiscal policies to maintain
the stability of their exchange rate.

To be admitted to the European Monetary Union, countries must satisfy a set of minimum
requirements based on a set of macroeconomic variables.

During its first ten years of life, the European Central Bank has de facto behaved as the
Bundesbank would have done.

A group of countries is said to form an ‘optimal currency area’ only if the macroeconomic
benefits from having just one currency outweigh the costs.

Since the introduction of the euro, price differentials have completely disappeared between
euro member countries.

There exist divergent estimates about the positive trade effects of the euro on member
countries, but all of them point to a significant increase in trade flows among member
countries.

There is no cost of sacrificing exchange rate flexibility between different regions if wages and
prices are perfectly flexible.

If wages and prices are not flexible, the main cost of sacrificing exchange rate flexibility
between different regions depends on whether these regions face asymmetric shocks to
aggregate demand.

Euro member countries have faced no asymmetric shocks in the first ten years of the euro;
therefore the euro area can be considered and ‘optimal currency area’.