Definition and Measurement of Exchange Rates | 汇率的定义与衡量

📚 Definition and Measurement of Exchange Rates | 汇率的定义与衡量

An exchange rate is the price of one currency expressed in terms of another currency. This price is central to open-economy macroeconomics because it links domestic prices, trade flows, capital flows and monetary policy. In Cambridge A-Level Economics, candidates must be able to define exchange rates, distinguish nominal and real measures, understand bilateral and effective rates, and calculate percentage changes.

汇率是用另一种货币表示的一种货币的价格。这个价格在开放经济宏观经济学中处于核心地位，因为它把国内价格、贸易流动、资本流动和货币政策联系起来。在剑桥A-Level经济课程中，考生必须能够定义汇率，区分名义与实际衡量，理解双边与有效汇率，并计算百分比变化。

1. Definition of Exchange Rates | 汇率的定义

An exchange rate is the price of one currency in terms of another currency. It tells us how many units of one currency must be given up to obtain one unit of another currency. The exchange rate is therefore a relative price, not an absolute quantity.

汇率是一种货币以另一种货币表示的价格。它告诉我们为了获得一单位另一种货币必须放弃多少单位的一种货币。因此，汇率是一个相对价格，而不是绝对数量。

In a two-currency example with the US dollar and the euro, a rate of 1.10 USD/EUR means that one euro costs 1.10 US dollars. The currency in the denominator is the currency being priced, while the numerator shows the amount of the other currency given in exchange.

在以美元和欧元为例的两种货币情况下，1.10 USD/EUR 表示一欧元的价格是 1.10 美元。分母中的货币是被标价的货币，而分子表示换一单位该货币所需付出的另一种货币数量。

• Direct quotation: domestic currency per unit of foreign currency, for example 0.90 EUR/USD from the euro area perspective.
• 直接标价：每单位外币的本币价格，例如从欧元区角度看 0.90 EUR/USD。
• Indirect quotation: foreign currency per unit of domestic currency, for example 1.10 USD/EUR from the euro area perspective.
• 间接标价：每单位本币的外币价格，例如从欧元区角度看 1.10 USD/EUR。

2. Nominal Exchange Rate and Real Exchange Rate | 名义汇率与实际汇率

The nominal exchange rate is the quoted market price of one currency in terms of another, with no adjustment for differences in domestic and foreign price levels. It is the rate most often reported in the news and used in everyday currency conversion.

名义汇率是市场上报价的一种货币以另一种货币表示的价格，不经过国内和国外物价水平差异的调整。它是新闻中最常报道、日常货币兑换中使用的汇率。

The real exchange rate adjusts the nominal rate for the relative price levels of two countries. It measures the relative purchasing power of domestic and foreign goods. A change in the real exchange rate therefore tells us whether domestic goods are becoming more or less expensive relative to foreign goods.

实际汇率用两国的相对物价水平调整名义汇率。它衡量国内商品与外国商品的相对购买力。因此，实际汇率的变化告诉我们国内商品相对于外国商品正在变得更贵还是更便宜。

RER = E × (P_domestic ÷ P_foreign)

Here E is the nominal exchange rate expressed as foreign currency per unit of domestic currency. P_domestic is the domestic price level and P_foreign is the foreign price level. A rise in RER means the domestic currency has strengthened in real terms, making domestic goods relatively more expensive abroad.

其中 E 是以每单位本币的外币数量表示的名义汇率。P_domestic 是国内物价水平，P_foreign 是国外物价水平。实际汇率上升意味着本币实际升值，使国内商品在国外相对更贵。

3. Bilateral and Effective Exchange Rates | 双边汇率与有效汇率

A bilateral exchange rate compares two currencies directly, such as sterling against the US dollar. It is useful for analysing trade with a single partner or the price of one imported input, but it can be misleading when a country trades with many partners.

双边汇率直接比较两种货币，例如英镑兑美元。它对于分析与单一伙伴的贸易或某一种进口投入品的价格很有用，但当一国与许多伙伴进行贸易时，它可能产生误导。

An effective exchange rate is a weighted average of a country’s bilateral rates against a basket of trading partners. The weights usually reflect the shares of trade with each partner, so the effective rate gives a broader measure of a currency’s external value.

有效汇率是一国对一篮子贸易伙伴双边汇率的加权平均。权重通常反映与每个伙伴的贸易份额，因此有效汇率能更全面地衡量一种货币的对外价值。

NEER = 100 × Σ [ wᵢ × (Eᵢ ÷ Eᵢ₀) ]

In this formula, wᵢ is the trade weight of partner i, Eᵢ is the current exchange rate against currency i, and Eᵢ₀ is the exchange rate in the base period. The nominal effective exchange rate, NEER, is usually expressed as an index equal to 100 in the base year.

在该公式中，w

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