第章價格與匯率變動

1、整理pptEngineering EconomyChapter 7: Price Changes and Exchange RatesThe objective of Chapter 7 is to present how inflation/deflation is dealt with in engineering economy studies.Our assumption of constant prices for goods and services is generally not the case. General price inflation increases the a

2、verage price of goods and services over time, while deflation results in a decrease in average prices (certainly a more rare circumstance).Changes in the consumer price index (CPI) and producer price index (PPI) are used as surrogate measures of inflation. The rate of change can be found, in either

3、case, from the formula below.The oil refinery business has been in the news a lot. The general inflation rate for this industry for the 2007 calendar year can be found using the producer price index (from ).There are a lot of terms to know! Actual dollars (A$), also known as current, nominal, or inf

4、lated dollars, represent cash at the time it occurs. Real dollars (R$), also known as constant dollars, are dollars expressed in terms of the same purchasing power relative to a particular time. General price inflation (or deflation) rate (f), perhaps peculiar to particular business environment.More

5、 terms to know. Market (nominal) interest rate (im) is the money paid for the use of capital, adjusted for anticipated general price inflation. Real interest rate (ir) is the money paid for the use of capital, not adjusted for anticipated inflation (the inflation-free interest rate). Base time perio

6、d (b) is the reference or base time period used to define the constant purchasing power of real dollars.Actual dollars in year k can be converted into real dollars as of any base period by the relationship below.It is important to use the correct dollar-type/interest-type combination. Otherwise, the

7、 results will be biased. When cash flow estimates are made using actual dollars, A$, the correct rate to use is the market interest rate, im (which is adjusted for inflation). When cash flow estimates are made using real dollars, R$, the correct rate to use is the real interest rate, ir.Relating the

8、 market interest rate and the real (inflation free) interest rate.orCaution: Fixed and responsive annuities!It is critical when performing engineering economic analyses that future cash flows be consistent, and perhaps converted, into either real or actual (constant) dollars, as appropriate, before

9、performing the analysis.2022-3-912通貨膨脹與經(jīng)濟分析、某銀行為她年期的存款提供每年11的收益率，不變折現(xiàn)率、現(xiàn)時折現(xiàn)率？、安古拉斯根據(jù)他祖父的遺囑他將在30歲得到一份遺產(chǎn)，他現(xiàn)在20歲，他所在國的通脹率為每年1000，這份遺產(chǎn)價值10億比索，10年后，這份遺產(chǎn)價值多少？2022-3-9133、一對夫婦投資收益率為26%的不動產(chǎn)，他們估計在投資期內(nèi)平均通脹率為5%，他么投資的不變收益率是多少？ 與通脹相關(guān)的名義利率和實際利率 James夫婦投資一項業(yè)務(wù)，名義收益率12%，每月按復利計息，通脹率為6%，這筆資金的實際收益率？2022-3-914有必要將通脹率納入經(jīng)

10、濟分析1、給定一個衡定通脹率20%，i =15%年當年現(xiàn)金流0-100001-550002022-3-915 2、投資$2000到商業(yè)銀行存款，按每年5.25%的復利計息，f=9%，年底的投資價值是多少？2022-3-9162、A，B兩個互斥方案，消脹的資金機會成本為15%，通脹率為10%，考慮通脹率對決策的影響？年AB0-1000-12001600550250055034005504300550Foreign exchange rates can alter purchasing power, and should be considered in analysis of multiple

11、world economies with varying economic circumstances. As exchange rates vary, the value of goods in a particular currency will fluctuate. The rate is analogous to changes in the general inflation rate.LetThe relationship among these variables isorandThe currency of the country of Albatross, the grick

12、le, is devalued against the U.S. dollar by 8% per year. The rate of return on an investment relative to the grickle in Albatross is 12%. What is the equivalent return relative to the dollar? 21Investing in a foreign assembly plantThe CMOS electronics company is considering a capital investment of 50

13、000000 pesos in an assembly plant located in a foreign country. currency is expressed in pesos, and the exchange rate is now 100 pesos per U.S. dollar.The country has followed a policy of devaluing its currency against the dollar by 10% per year to build up its export business to the united states.

14、This means that each year the number of pesos exchanged for a dollar increases by 10%,so in two years(1.10)2=121 pesos would be traded for one dollar. labor is quite inexpensive in this country ,so management of CMOS electronics feels that the proposed plant will produce the following rather attractive ATCF, stated in pesos:22If CMOS electronics requires a 15% IRR per year, after taxes, in U.S. dollars on its foreign investments, should this assembly plant be approved? assume that the