外汇市场
虽然传统的人民党支持者认识到短期购买力平价汇率偏离,他们仍然坚持长期购买力平价所能容纳的量。总结了传统的观点我们得出的结论,实际汇率将返回到平衡值:只要0 <ρ< 1,短期因素对实际汇率的影响最终会消失,实际汇率将回到水平当购买力平价成立,也就是说,从定量的角度研究技术,实际汇率是固定的。如果|ρ| = 1(ρ和β时间恒定不变),长期购买力平价不持有(Abuaf Jorion,1990)。如果长期购买力平价成立,短期购买力平价时不会举行。每个外汇市场的利差将导致这种现象以及政府干预。传统的购买力平价理论是更关注长期购买力平价的存在,或多久,一个国家的汇率会恢复平衡。要回答这个问题,必须引入半衰期的概念。半衰期时间是实际汇率的冲击或调整(波),导致实际汇率的影响收敛所需的一半时间来确定PPP均衡汇率。半衰期时间计算为: 外汇市场 Although the traditional PPP supporters recognize that short-term purchasing power parity will deviate from exchange rates, they still insist that the long run purchasing power parity can hold. Summarizing the traditional point of view we reach the conclusion that the real exchange rate will return to the equilibrium value:As long as 0 < ρ <1, the impact of short-term factors on real exchange rate will eventually disappear, the real exchange rate will return to the level when the purchasing power parity holds, that is, from the perspective of quantitative research techniques, the real exchange rate is stationary. If | ρ | = 1( ρ and β are time-invariant constant), long-term purchasing power parity does not hold (Abuaf and Jorion, 1990). If long-term purchasing power parity holds, the short-term purchasing power parity will not hold when . Each of the interest rate differentials in the foreign exchange markets will cause this phenomenon as well as the government interventions. The traditional purchasing power parity theory is more focused on the existence of long-term purchasing power parity, or how long that a country's exchange rate would return to equilibrium. To answer this question, it is imperative to introduce the concept of half-life period. The half-life period is a shock to the real exchange rate or an adjustment (wave), resulting in the impact of real exchange rate converges to half of time needed to determine the PPP equilibrium exchange rate. Half-life period is calculated as:

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