Objectives
Some stylised facts
Some stylised facts (cont. )
Some stylised facts (cont. )
The equilibrium exchange rate
Factors affecting the supply of and demand for FX
The effect of a higher domestic inflation rate
Factors affecting the supply of and demand for FX (cont. )
The effect of a higher domestic interest rate
Factors affecting the supply of and demand for FX (cont. )
Factors affecting the supply of and demand for FX (cont. )
Factors affecting the supply of and demand for FX (cont. )
Speculation
Speculation (cont. )
Speculation (cont. )
Purchasing power parity
Deriving PPP
Deriving PPP (cont. )
Deriving PPP from the S-D model
Deriving PPP from the S-D model (cont. )
The PPP exchange rate
Derivation from PPP
PPP and the real exchange rate
PPP and the real exchange rate (cont. )
PPP and the real exchange rate (cont. )
The empirical validity of PPP
Actual and PPP exchange rates (USD/AUD)
Percentage deviation of the actual rate from the PPP rate (USD/AUD)
Nominal and real exchange rates (USD/AUD)
PPP as a trading rule
The monetary model of exchange rates
Predictions of the monetary model
Determination of the bid-offer spread
Determination of the forward spread
Determination of the forward spread (cont. )
Factors affecting the AUD exchange rates
Australian dollar exchange rates (December 1983 = 100)
Australian and US short-term interest rates
Commodity prices (December 1983 = 100)
Consumer prices (December 1983 = 100)
The role of the RBA
The role of the RBA (cont. )
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