# 实际汇率

In the equation above, ,  , ,  are the natural logarithms of  ,  ,  , and   respectively. Consider transportation costs and other errors in price indices, we may allow the right hand side of the equation to be any fixed constant, it may not equal to the nominal exchange rate at the beginning of the period. Therefore, more and more economists tend to enlarge the above conditions further, to a single variable testing the stationary of the real exchange rate In equation (3-1) ,  and   represent the nominal exchange rate at the beginning and the end of the period respectively.   and    are the domestic and foreign price levels respectively. By taking natural log differences of equation and transforming further we get: .Although the above equation is different from the traditional theory, it requires domestic and foreign price index symmetry, and on the other hand relative prices should be proportional to the exchange rates. So it is still a strict form of purchasing power parity, not completely away from the traditional purchasing power parity theory.

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