第10讲Covered and Uncovered Interest Rate Parity(国际金融(香港大学,WONG Ka Fu)
IF2_parity+conditions
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Graphic Illustration of PPP
πh – πf
Home currency under depreciated
PPP holds
Home currency over depreciated
∆s
27/11/2010
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Is PPP held? The big Mac Standard
invest in the euroland at r€ (rh). Future value in one year = €1,000,000(1 + r€) convert your € for £ at the spot rate, invest in the UK at r£ (rf) and enter into a forward contract Simultaneously to sell £ in one year. The future value of this investment in one year = €1,000,000(F/S)(1 + r£)
27/11/2010
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Interest Rate Parities
Covered interest rate parity (CIRP)
The forward premium is equal to the two countries’ interest rate differential.
p 0 ,1 F0 ,1 − S 0 rh − r f = = S0 1 + rf
≈ f 0 ,1 − s 0 = rh − r f
第10讲Covered and Uncovered Interest Rate Parity(国际金融(香港大学,WONG Ka Fu)11.0汇总
Expected rate of return on a foreign asset Et { [(et+1 / et ) (Pt+1* + Dt+1* ) / Pt* ] - 1 } = Et [(et+1 / et ) (Pt+1* + Dt+1* ) ] / Pt* - 1
19
RHS = [Et (et+1 ) - et ] / et + Rt*
Suppose Et (et+1 ) and et fixed, larger Rt* implies larger RHS
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Uncovered Interest Parity
Suppose we care only about expected return (say, we are risk neutral) Deposit in home currency if and only if the rate of return on the deposit in home currency is not less than the deposit in foreign currency Rt [Et (et+1 ) - et ] / et + Rt* Equilibrium if Rt = [Et (et+1 ) - et ] / et + Rt*
现代大学英语Lesson10（A）精读重点讲解
现代大学英语Lesson10（A）精读重点讲解现代大学英语Lesson10(A)精读重点讲解引言：每个地方对于生活在那里的人们来说都有特殊的意义，在某种程度上来说，每个地方都代表世界的中心。
世上有无数个这样的中心，没有一个学生或旅行者能全部经历到。
世界的文化中到处是富有特殊价值和意义而预料不到的青香蕉。
多年来它们一直在那里，慢慢地成熟，或许在耐心地等待人们走过去发现它们。
事实上，假如我们愿意离开我们自己的世界的中心，去感受其他的地方，青香蕉在等待我们每一个人。
The Green Banana---Donald BatchelderAlthough it might have happened anywhere, my encounter with the green banana started on a steep mountain road in the central area of Brazil. My ancient jeep was straining up through beautiful countryside when the radiator began to leak, and I was ten miles from the nearest mechanic. The over-heated engine forced me to stop at the next village, which consisted of a small store and a few houses that were scattered here and there. People came over to look. They could see three fine streams of hot water spouting from holes in the jacket of the radiator. "That's easy to fix," a man said. He sent a boy running for some green bananas. He patted me on the shoulder, assuring me that everything would work out. "Green bananas," he smiled. Everyone agreed.We chattered casually while all the time I was wondering what they could possibly do to my radiator with their green bananas. I did not ask them, though, as that would show my ignorance, so I talked about the beauty of the land that lay before our eyes. Huge rock formations, like Sugar Loaf in Rio, rose up allaround us. "Do you see that tall one right over there?" asked the man, pointing to a particularly tall, slender pinnacle of dark rock. "That rock marks the center of the world."I looked to see if he was teasing me, but his face was serious. He, in turn, inspected me carefully, as if to make sure I grasped the significance of his statement. The occasion called for some show of recognition on my part. "The center of the world?" I repeated, trying to show interest if not complete acceptance. He nodded. "The absolute center. Everyone around here knows it."At that moment the boy returned with an armful of green bananas. The man cut one in half and pressed the cut end against the radiator jacket. The banana melted into a glue against the hot metal, stopping the leaks instantly. I was so astonished at this that I must have looked rather foolish and everyone laughed. They then refilled me radiator and gave me extra bananas to take along in case my radiator should give me trouble again. An hour later, after using the green banana once more, my radiator and I reached our destination. The local mechanic smiled. "Who taught you about the green banana?" I gave him the name of the village. "Did they show you the rock marking the center of the world?" he asked. I assured him they had. "My grandfather came from there," he said. "The exact center. Everyone around here has always known about it."As a product of American education, I had never paid the slightest attention to the green banana, except to regard it as a fruit whose time had not yet come. Suddenly, on that mountain road, its time had come to meet my need. But as I reflected on it further, I realized that the green banana had been there all along. Its time reached back to the very origins of the banana. The people in that village had known about it for years. It was myown time that had come, all in relation to it. I came to appreciate the special genius of those people, and the special potential of the green banana. I had been wondering for some time about what educators like to call "learning moments," and I now knew I had just experienced two of them at once.It took me a little longer to fully grasp the importance of the rock which the villagers believed marked the center of the world.I had at first doubted their claim, as I knew for a fact that the center was located somewhere else in New England. After all, my grandfather had come from there. But gradually I realized the village people had a very reasonable belief and I agreed with them. We all tend to regard as the center that special place where we are known, where we know others, where things mean much to us, and where we ourselves have both identity and meaning: family, school, town and local region could all be our center of the world.The lesson which gradually dawned on me was actually very simple. Every place has special meanings for the people in it, and in a certain sense every place represents the center of the world. The world has numerous such centers, and no one student or traveler can experience all of them. But once a conscious breakthrough to a second center is made, a life-long perspective and collection can begin.The cultures of the world are full of unexpected green bananas with special value and meaning. They have been there for ages, ripening slowly, perhaps waiting patiently for people to come along to encounter them. In fact, a green banana is waiting for all of us if we would leave our own centers of the world in order to experience other places.青香蕉这件事在任何地方都可能发生，而我遇到青香蕉是在巴西中部的一条陡峭山路上。
第15章 第三节 利率平价理论第三版
f −e e
3.抛补的利率平价 3.抛补的利率平价
本币存款的收益率= 本币存款的收益率=
i
；
外币存款的本币收益率为： 外币存款的本币收益率为： i* +
大量的套利活动和掉期交易， 大量的套利活动和掉期交易，使得低利率货币的现汇 汇率下降和期汇汇率上升， 汇率下降和期汇汇率上升，高利率货币的现汇汇率上升和 期汇汇率下降。直到两种资产的收益率相等， 期汇汇率下降。直到两种资产的收益率相等，抵补套利活 远期汇率差价（？表述是否正确） 动才会停止，此时远期汇率差价（？表述是否正确 动才会停止，此时远期汇率差价（？表述是否正确）正好 等于两种货币的利差。 等于两种货币的利差。
e
元本币用于购买外币一年后的本利和为： 将1元本币用于购买外币一年后的本利和为：
1 1 + i* ) × f ¥ / $ = ( $ e
i +
(1 + i ) f
*
e¥
（6）
f 单位本币； 将1元本币用于购买外币存款一年后的收益为 (1 + i* ) ¥ − 1¥ 单位本币； e 外币存款的本币收益率为： 外币存款的本币收益率为： * f − e 。
在19世纪末金本位制的条件下，英国政策制定者就意识到通过调整利 19世纪末金本位制的条件下， 世纪末金本位制的条件下 率能够影响汇率，即提高利率本币升值，降低利率阻止本币升值。 率能够影响汇率，即提高利率本币升值，降低利率阻止本币升值。 早在1889年 劳兹（ 在观察维也纳远期外汇市场的交易时， 早在1889年，劳兹（Lotz）在观察维也纳远期外汇市场的交易时，就 1889 曾用利率差来解释即期汇率与远期汇率之间的关系。 曾用利率差来解释即期汇率与远期汇率之间的关系。 但是直到1923年 才由 但是直到1923年，才由John Maynard Keynes（1923）在《货币改革论 1923 （1923） 》（A Tract on Monetary Reform）中才第一次系统地阐述了利率与汇率之 ） 间的关系，指出两国间的利差导致套利性资本的国际间流动， 间的关系，指出两国间的利差导致套利性资本的国际间流动，这种资本流 动对汇率尤其是短期汇率具有决定性的作用。 动对汇率尤其是短期汇率具有决定性的作用。凯恩斯的上述汇率理论被称 古典利率平价理论。 为古典利率平价理论。 1950年代，英国经济学家艾因齐格（ Einzig） 1950年代，英国经济学家艾因齐格（Paul Einzig）提出了利率平价动 年代 态理论的“互交原理” ），从动态的角度考察了 态理论的“互交原理”（the theory of reciprocity），从动态的角度考察了 ）， 远期汇率与利率的相互关系，真正完成了古典利率平价体系。 远期汇率与利率的相互关系，真正完成了古典利率平价体系。
高二英语第十讲
高二Lesson10151. adequate a. 适当地；足够152. adhere vi. 粘附,附着；遵守,坚持153. ban vt. 取缔,禁止154. capture vt. 俘虏,捕获155. valid a. 有效的,有根据的；正当的156. valley n. 山谷,峡谷157. consistent a. 坚固定；一致的,始终如一的158. continuous a. 继续的,连续（不断）的159. continual a. 不断地,频繁的160. explode v. 爆炸；爆发；激增161. exploit v. 剥削；利用,开采162. explore v. 勘探163. explosion n. 爆炸；爆发；激增164. explosive a. 爆炸的；极易引起争论的165. remote a. 遥远的,偏僻的166. removal n. 除去,消除167. render vt. 使得,致使167. render vt.呈递, 归还, 着色, 汇报, 致使, 放弃, 表演, 实施vi.给予补偿n.交纳, 粉刷, 打底168. precaution n. 预防,防备,警惕169. idle a. 懒散的,无所事事的170. identify vt. 认出,鉴定171. identify n. 身份；个性,特性经典句子必背尽管多数人都认为他的目标不切实际，他确信他可以通过努力达成目标。
(achieve; goal)2. 由于新一轮抛售的波浪，股市出现了进一步的下跌。
(as a result of, there be, a further fall)3. 随着社会和经济的发展，不可避免地会有新问题产生。
(arise)4. 她将会公开露脸，为她最新的小说签名。
（appearance, sign）5. 这个母亲正看护着她熟睡的孩子。
(watch over)Keys:1. Although most people considered his goal to be unrealistic, he was sure that he could achieve it with hard work.2. As a result of a fresh wave of selling, there was a further fall in the stock market.3. New problems will inevitably arise as our society and economy develop.4. She will be making a public appearance, signing copies of her latest novel.5. The mother is watching over her sleeping child now.短文改错练习Friendship is very importance. Everyone needs friendship. In all our lives we can’t live without friendship just as we can’t live without air and water. Friendship makes us getting on well with one another to go ahead under different kind of difficulties in the front of us. But real friendship is no easy to come by. True friendship must be sincerely and be based on understand each other but not on benefits of each other. A good friend can always be a good teacher to us. By his advices we are persuading to go the right way. Therefore more friends we have, the better we can improve ourselves.阅读理解Good afternoon, and welcome to England. We hope that your visit here will be a pleasant one. Today, I would like to draw your attention to a few of our laws.The first one is about drinking. Now, you may not buy alcohol (酒) in this country if you are under 18 years of age, nor may your friends buy it for you.Secondly, noise. Enjoy yourselves by all means, but please don’t make unnecessary noise, particularly at night. We ask you to respect other people who may wish to be quiet.Thirdly crossing the road. Be careful. The traffic moves on the left side of he road in this country. Use pedestrian crossings (人行横道) and do not take any chances when crossing the road.My next point is about litter (throwing away waste material in a public place). It is an offence(违法行为) to drop litter in the street. When you have something to throw away, please put it inyour pocket and take it home, or put it in a litter bin.Finally, as regards smoking, it is against the law to buy cigarettes or tobacco (烟草) if you areunder 16 years of age.I’d like to finish by saying that if you require any sort of help or assistance, you shouldcontact your local police station, who will be pleased to help you.Now, are there any questions?1. The main purpose of this speech would be to ____ .A. prepare people for international travelB. declare the laws of different kindsC give advice to travellers to the countryD. inform people of the punishment for breaking laws2. How many laws are there discussed in the speech?A. Three.B. Four. C Five. D. Six3. From the speech we learn that ____A. In this country, if you are under 18 years of age, you may not buy alcohol, but yourfriend can buy it for you.B You may not buy cigarettes or tobacco unless you are above 16 years of age.C. Because the traffic moves on the left side of he road ,you must use pedestrian crossingswhen crossing the road.D. You can’t make noise except at night.4. The underlined word contact in the seventh paragraph means ____ .A. keep in touch with B get in touch with C. join D. report5. Who do you think is most likely to make the speech?A A policeman B. A lawmaker C. A teacher D. A lawyer动词不定式专项练习题1 1. The teacher told them ________ make so much noise.A. don’tB. notC. will notD. not to2. Our master often told us _______ things for granted.A. not to haveB. not to takeC. didn’t takeD. not to make3. Tell him _______ the window.A. to shut notB. not to shutC. to not shutD. not shut4. The boy wanted to ride his bicycle in the street, but his mother told him ______.A. not toB. not to doC. not do itD. do not to5. Mrs Smith warned her daughter ________ after drinking.A. never to driveB. to never driveC. never drivingD. never drive6. The patient was warned _______ oily food after the operation.A. to eat notB. eating notC. not to eatD. not eating7. The workers want us ________ together with them.A. workB. workingC. to workD. worked8. They would not allow him ________ across the enemy line.A. to risk goingB. risking to goC. for risk to goD. risk going9. I saw him _______ out of the room.A. goB. had goneC. has goneD. goes2 3 10. They knew her very well. They had seen her _______ up from childhood.A. growB. grewC. was growingD. to grow11. I’ve heard him _______ about you often.A. spokeB. speaksC. speak12. Though he had often made his little sister _____, today he was made _____by his little sister.A. cry；to cryB. crying；cryingC. cry；cryD. to cry；cry13. He was made _________.A. goB. goneC. goingD. to go14. John was made _______ the truck for a week as a punishment.A. to washB. washingC. washD. to be washing15. Paul doesn’t have to be made _______. He always works hard.A. learnB. to learnC. learnedD. learning16. There’re so many kinds of tape-recorders on sale that I can’t make up my mind _____ to buy.A. whatB. whichC. howD. where17. There isn’t any difference between the two. I really don’t know _________.A. where to chooseB. which to chooseC. to choose whatD. to choose which18. “ Have you decided when ________?” “ Yes, tomorrow morning.”A. to leaveB. to be leavingC. will you leaveD. are you leaving19. Last summer I took a course on ________.A. how to make dressesB. how dresses be madeC. how to be made dressesD. how dresses to be made20. He doesn’t know ______ to stay or not.A. whetherB. ifC. eitherD. if he will21. She pretended _______ me when I passed by.A. not to seeB. not seeingC. to not seeD. having not seen22. --- The light in the office is still on. --- Oh, I forgot _______.A. turning it offB. turn it offC. to turn it offD. having turned it off23. We agreed _________ here but so far she hasn’t tur ned up yet.A. having metB. meetingC. to meetD. to have met24. Little Jim should love _______ to the theatre this evening.A. to be takenB. to takeC. being takenD. taking25. I would love ______ to the party last night but I had to work extra hours to finish a report.A. to goB. to have goneC. goingD. having gone26. Frank is the kind of person who people like to ________.A. make friend withB. make friends ofC. make friendsD. make friendswith27. Go on ________ the other exercise after you have finished this one.A. to doB. doingC. withD. to be doing28. She reached the top of the hill and stopped _______ on a big rock by the side of the path.A. to have restedB. restingC. to restD. rest29. Tom kept quiet about the accident ________ lose his job.A. so not as toB. so as not toC. so as to notD. not so as to30. I need a day or two ________.A. to think it overB. to think overC. of thinking31. He was too excited _________.A. speakB. to speakC. not to speakD. speaking32. Charles Babbage is generally considered ________ the first computer.A. to inventB. inventingC. to have inventedD. having invented33. He said he would rather not _______ it right now.A. doingB. to doC. doD. to be doing34. Rather than _______ on a crowded bus, he always prefers _______ a bicycle.A. ride；rideB. riding；rideC. ride；to rideD. to ride；riding35. It’s freezing outside. You _______ put on your overcoat.A. had better toB. had betterC. would betterD. would better to36. The chair looks rather hard, but in fact it is very comfortable to _______.A. sitB. sit onC. be sitD. be sat on37. I’m hung ry. Get me something _________.A. eatB. to eatC. eatingD. for eating38. --- I usually go there by train.--- Why not _______ by boat for a change?A. to try goingB. trying to goC. to try and goD. try going39. She did nothing _______ at the photo.A. except lookB. but to lookC. except to lookD. but looking40. I asked him to _______ me a few minutes so that we could go over all the problems.A. spendB. spareC. saveD. share41. They won’t let their teacher _______ in that way.A. to be treatedB. being treatedC. treatedD. be treated42. John, you must get your room ________ after breakfast.A. to be cleanedB. to cleanC. cleaningD. cleaned43. The problem _______ at tomorrow’s meeting is a very difficult one.A. being discussedB. discussedC. to be discussedD. to discuss44. He reached the station _____ only _____ that the train had just left.A. tired；learnedB. tiring；learningC. to tire；to learnD. tired；to learn45. --- Did that book give the information you needed?--- Yes, but ______, we had to read it almost entirely.A. for finding itB. to find itC. finding itD. by finding it46. I’m sorry I forgot ______your dictionary. Let’s borrow one from Li Ming.A. to takeB. takingC. to bringD. bringing47. She couldn’t decide which restaurant _______.A. to have lunchB. to eatC. to eat atD. eating at48. This problem is said _____ three times.A. to have been talkedB. to have discussedC. having been discussedD. to have been talked about49. Everybody believed the man ______ away the diamond ring.A. be takenB. takingC. to takeD. to have taken50. I prefer ____ rather than ______.A. read；watchB. to read；watchC. reading；to watchD. to read；to watch4 4。
新视野大学英语第二版第二册课文要点总结
Unit 1 Section A 时间观念强的美国人Para. 1 美国人认为没有人能停止不前。
如果你不求进取，你就会落伍。
这种态度造就了一个投身于研究、实验和探索的民族。
时间是美国人注意节约的两个要素之一，另一个是劳力。
Para. 2 人们一直说：“只有时间才能支配我们。
”人们似乎是把时间当作一个差不多是实实在在的东西来对待的。
我们安排时间、节约时间、浪费时间、挤抢时间、消磨时间、缩减时间、对时间的利用作出解释；我们还要因付出时间而收取费用。
时间是一种宝贵的资源，许多人都深感人生的短暂。
时光一去不复返。
我们应当让每一分钟都过得有意义。
Para. 3 外国人对美国的第一印象很可能是：每个人都匆匆忙忙——常常处于压力之下。
城里人看上去总是在匆匆地赶往他们要去的地方，在商店里他们焦躁不安地指望店员能马上来为他们服务，或者为了赶快买完东西，用肘来推搡他人。
白天吃饭时人们也都匆匆忙忙，这部分地反映出这个国家的生活节奏。
工作时间被认为是宝贵的。
Para. 3b 在公共用餐场所，人们都等着别人吃完后用餐，以便按时赶回去工作。
你还会发现司机开车很鲁莽，人们推搡着在你身边过去。
你会怀念微笑、简短的交谈以及与陌生人的随意闲聊。
不要觉得这是针对你个人的，这是因为人们非常珍惜时间，而且也不喜欢他人“浪费”时间到不恰当的地步。
Para. 4 许多刚到美国的人会怀念诸如商务拜访等场合开始时的寒暄。
他们也会怀念那种一边喝茶或咖啡一边进行的礼节性交流，这也许是他们自己国家的一种习俗。
他们也许还会怀念在饭店或咖啡馆里谈生意时的那种轻松悠闲的交谈。
一般说来，美国人是不会在如此轻松的环境里通过长时间的闲聊来评价他们的客人的，更不用说会在增进相互间信任的过程中带他们出去吃饭，或带他们去打高尔夫球。
既然我们通常是通过工作而不是社交来评估和了解他人，我们就开门见山地谈正事。
因此，时间老是在我们心中的耳朵里滴滴答答地响着。
Para. 5 因此，我们千方百计地节约时间。
国际金融词汇
BP曲线（BP schedule）：使国际收支差额为零的各种实际收入与名义汇率的组合。
IS-LM-BP框架（IS-LM-BP framework）：是分析开放经济运行及财政、货币政策效应的基本工具。
它关注三个市场（产品市场、货币市场和外汇市场）和三个变量（名义利率、实际收入和实际汇率）。
在以实际收入为横轴、以名义利率为纵轴的坐标平面图上，产品市场的均衡条件体现为IS曲线，其斜率为负；货币市场的均衡条件体现为LM曲线，其斜率为正；外汇市场或国际收支的均衡条件体现为BP曲线，它有三种形状（垂直、水平和向右上方倾斜），分别对应不同的资本流动程度。
J曲线效应（J-curve effect）：由于短期内进口需求与出口供给均缺乏弹性，在本币发生贬值的初期，贸易收支会恶化，然后慢慢改善，逐渐超过贬值发生前的贸易差额。
从贬值发生到最终贸易差额超过期初水平，这一过程反映在以时间为横轴、贸易差额为纵轴的坐标平面上，形状酷似英文字母“J”，从而被形象地称为J曲线效应。
被消除的风险（covered exposure）：通过套期保值而被消除的外汇风险。
冲销（sterilization）：在外汇储备发生变动时，中央银行采取政策行动，使国内信贷同等幅度地反方向变化，从而保持基础货币不变。
储备货币（reserve currency）：通常用于国际结算及表示其他国家货币的汇率的货币。
贷方科目（credit entry）：用来记录导致一国居民从外国取得收入的交易。
弹性分析法（elasticities approach）：认为商品和劳务的价格变化是决定一国国际收支状况及汇率水平的主要因素。
低估的货币（undervalued currency）：当前市场决定的价值低于经济理论或模型所预测的价值的货币。
掉期（swap）：一张合约包含两笔交易，一笔为两种货币之间的即期交易，另一笔为这两种货币之间的相反方向的远期交易（相当于远期购回）。
钉住汇率制（pegged-exchange-rate system）：一国货币对外价值钉住另一国货币或某种货币篮子的汇率制度。
环球雅思高分周末班课堂笔记 IELTS考试技巧
环球雅思高分周末班课堂笔记(学术类)Reading/Listening评分标准表：Reading/Listening5.5 19-226.0 23-266.5 27-297.0 30-317.5 32-348.0 35-368.5 37-389.0 39-40Listening注意听降调，重读，被重复注意连读：In eighteen …[ei]In nineteen …[ai]1. Note-taking题一心二意，单词拼写与发音Do not: 翻译，中文，全神贯注第4个字母是p,b,m，前面都是com, 剩下的都是con, 除了：comfortable听数字时，注意：8和9，50和15，“1+2”只听数字，忽略thousand, million…0．508：naught point five o eight$9.5 nine dollar fifty2. 地图题：找箭头，读参照物，绝对+相对，形状+大小：square, round, circle, sphere...3. 主观题：pre: 划路标词找“关系”：并列：and, 并列符号因果：for, so…路标词后，注意：语音，语调：降调，重读，被重复；空格前后的单词；下一题的路标词记录，不要拼写单词注意格式：名词：单复数，大小写Venue = place = where 一律大写，name, course课程名大写4. 表格题：路标词是时间均为间接给出有so后就有答案5. 判断题：（考点）数字（19，90；8，9；数字后名词偷换）；否定词（hardly, little, never…）; 比较，最高级；动宾搭配；绝对词（every, none, only, must）; 相对词if, sometimes; 情态动词6. 单选题：时间，城市无法AB重现选项区别大：正确答案肯定在题干后（先浏览题干），通常AB重现（语序调整意义不变，核心词，同意词<adj,n>）干扰选项：语音干扰…this means…答案已过去错误搭配Not given备注：所谓AA重现：题目与原文基本一致，照搬过来；AB重现：同义，近义，反义，上下义（从属关系）7. 多选题：AB重现+被否定并列连词后anything else?熟悉被选项，耳到眼到一连串的被选项同时被提到，第一个被提及通常是正确选项，答案跟并列词后8. 配对题Matching词性配对，题干定位Section 1 Interview Q-A, Discussion Q-A’-A’’-A（最后原则，最后被确定的是答案，so后）填空，注意字数，尽量用原文，冠词，程度副词可省略S3 Q-A-SummarySo, why not, just say 后永远有答案时间安排：最先2’30看S3，S4题干，当example的答案听到第2遍时开始回头看S1S1听力中明辨是非，限制词性及内容ReadingSkills: SQSRC（一定要看！！！很有用的阅读步骤，平行阅读法,千万不要看完一整篇后做题）1.Skim 1-2’大标题，段首句（1，2段必看，后面可挑看）2.Question 精读一个Q，划信号词（大写，引号，括号，数字，人名，地名，时间，专有名词，特殊名词，特殊状态名词…）3.Scan (根据信号词回原文寻)语言重现AA,AB,AC(句子内部和句子之间的关系的重现;因果,转折,比较)4.Read carefully 精读上下句5.Check and confirm 规范(审题,语法);心理概况: A类先找信号词,定位再答题3篇文章60分钟内完成词汇量要求:7000-8000题型: 重点:选择,Summary, TF/NG, Heading主旨题次重点: 图表, SAQ, SC, Matching1.Multiple Choice原则: 1) 我没选绝对词(90%): have to, never, only…2) 我没选”比较”比较级,最高级,<,>,干扰项3) 我的选项留有余地may, could, might, sometimes, perhaps4) D选项为ALL, 2条件必选ALL: A,B,C不相干; 出处有表示列举的词:and, also, another, additional, other, apart from, as well, in addition to5) 当题干短, 分析归类选项, 再验证6) D选项为NONE, 2步走: 文中划出所有A.B或其共同成分; 逐一验证其限定成分文中出现数字: 20%考点,20%信号词,60%垃圾,看大小即可2.Summary看语法,理思路短文首句要精读, 起止位置要明确,留意AB重现(包括非空格部分), 生词可照搬,有时调整顺序和主被动关系分类: 续写,有选项; 改写(几乎全文,有选项; 2,3段,无选项; 不知道几段)3.判断形式: TRUE/FALSE/NOT GIVEN; YES/NO/NOT GIVEN 答案要写全,写准确（YES和TRUE要分清，不能混写，不能缩写Y/T）定义: T Passage 与Question吻合F PQ 矛盾,冲突NG 未提及;有提及,但不相关,既不吻合,也不矛盾,证据不充分,不足以判断,不确定,不知道原则:其他条件不变: P小,Q 大, EG. Influence > reduce, T/Y其他条件不变: P 大, Q 小NGF: PQ明显矛盾(正反词,否定)不明显矛盾,PQ不能够同时成立NG: P主观, Q客观P用主观词(predict, assume…) Q去掉主观词,且不加委婉词(can,will,may…)总量与部分无关补充: NG不占多数,一次做两题,比较时要慎重(比较双方,比较点,比较方向; 3者一致---T,前2要素一致,第3要素相反---F; Q中比较,P 中不比没比---NG)注意修饰语的明显差别PQ 在数量,范围,频率,程度,可能性上存在明显差别P: SOME Q: ALL ----F4.Heading划例子,划段落精读所有选项,划信号首末句精读,第2句兼顾,中间浏览对比分析定答案注意:先细节后主旨;正确选项通常为原文主题句的AB重现若某选项与原文某些字词AA重现,一般不选不能重复选印刷体书写罗马数字5.图表题:定位3步法: 定位到某段,某句,某词6.Matching形式: TIME/EVENTS G类CAUSE/ EFFECTPEOPLE/OPPIONCONCEPT/ EXPLAINATIONPRODUCER/ PRODUCTORGANISITION/ FUCTION G类Detail & ParagraphWhich paragraph contains the following information? 最后做注意:乱序节省时间:做题前尽可能一次性记住所有题干的关键词题干通常AA,选项通常AB可以重复选7.Short answer Question看清楚疑问词,完整句: 首字母大写,成分:小写即可8.Sentence Completion有选项:先语法后意义Writing 20’+40’2种写法：段首顶格,段与段间隔一行(better) / 段首空4个英文字符段与段不空行Task 120分钟内写完分清什么图----找研究对象----2大审题方法Picture常考：A. Line graph / Curve chart 曲线图Bar chart / Column diagram 柱形/条形图Pie chart 饼图B. Flow chart 流程图一般分3段，尽可能用被动语态，不用第一人称A时态：Part 1 Simple Present（现在所见的）Part 2 Simple past （the changes itself in the past）Part 3 Simple present (现在所看到的趋势)Basic Pattern:连接手段必须有“如图所示”；四大要素，首段末句点题Part 1 4 major factors: pictures, objects, time, and dataPart 2 4 changes (textual level) + 6 comparisons (sentence level)Part 3 小结+趋势(上升或下降)4 changes: 升降波平6 comparisons:分比；比率；倍；分（1/3）；数值；排位place, positionBFlow chart: 一般现在时，中间多用被动语态Part 1 2-3 major factors: pictures, objects, given conditions, (materials given)Part 2 Process described: Passive被动（with connectives: step / stage）Part 3 Result indicated两大审题方法：切割分析法就明显的曲线形状进行切割分段（2条线不在一条直线上，2条线不属于同类变化）；迅速标上段号和点号，点>段（如下图，4点3段）1 2 3 4简易图示法如：3块饼图，每块有ABCD4个对象，则分别对这4个对象进行分析，看其各在1-2，2-3图中的变化趋势（上升或下降）Task 2 40分钟完成高分词汇：AA，AB重现；连字符词语: win-win situation; 名词化短语；一词多义的单词：bridge n. / vt. Brave adj. / vt. 勇敢面对六大结构：后置定语；排比句not only…but also…等；同位语；名词性从句；虚拟语气；否定兼倒装：Only in this way can we…; Not only verb + subjectFirst and Last注意首句和末句；首段和末段；每段的首句和末句五种题型：(1side一分写法，正或反面选其一；2side两分写法，正反面都要写，易拿高分)Do you agree /disagree? What is your opinion? (1/2-side)观点性辩论文To what extent do you agree or disagree? (1/2-side)Discuss both sides…(2-side)现象/说明性论述文Problem-Solution (Why-Because, Causes-Effects) (2-side)General-Particular (2-side)1 辩论文（一分法/二分法）一分法完全赞成/反对Part 1 我同/反间接或直接点题Part 2 同/反1同/反2 理由，举例Part 3 我同/反二分法7-8分1 2 3Part 1 我同/反/中立间接点题Part 2 同同反反反同Part 3 我同/我反/中立我同我反3种写法：势均力敌同=反先扬后抑同>反先抑后扬同<反第一种“同=反”比较难写，不要轻易尝试Part 1 首段末句必须中立点题Part 2 中间部分必须互反：利弊，迟早，新旧，今昔对比互反Part 3 末段首句必须明确表态（赞成/反对）2．论述文Question-Answer PatternPart 1 WhatPart 2 Why1Why2Part 3 How常考话题：新技术，电脑代替传统的工具等；教育；环境资源；家庭；交通；政府资助Speaking尽量多说复杂句，定语从句，虚拟语气等1. General topics 4-5min “warm-up”familiar topics个人情况等等强调adj. Adv. Number. negative名词动词比喻修饰2. Particular topics 说1-2min 之前1min准备3．Abstract questions 4-5min Discuss!!!万能话题：旅游a place；平凡的人；名人；书最新雅思大作文不变应万变语篇通式Mighty Writing [Given Info Analysed on the Textual and lexical Levels]: [Chinese Version]:第一部分引、缩、点人们随着新千年高科技的发展可以借助网银或者在线采购等方式完成此类工作，有人认为这给生活带来很大便利。
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Uncovered Interest Parity floating exchange rate regime
If Rt > [Et (et+1 ) - et ] / et + Rt* both home and foreign investors will deposit in home currency implies supply foreign currency and demand home currency initially, e = y HD = 1 FD now, e = z HD = 1 FD , z < y hence larger RHS, i.e., towards equality
16
Rate of return on foreign deposit
Et [(et+1 / et ) (Pt+1* + Dt+1* ) ] / Pt* - 1 Pt+1*= 1 Pt* = 1 Dt+1*= Rt*= foreign interest rate Et [(et+1 / et ) (1 + Rt* ) ] / 1 - 1 = [Et (et+1 ) / et ] (1 + Rt* ) - 1
14
Rate of return of home deposit
Et (Pt+1 + Dt+1) / Pt - 1 Pt+1 = 1 Pt = 1 Dt+1 = Rt= home interest rate Et (1 + Rt) / 1 - 1 = Rt
15
Expected return and expected rate of return
Expect to win Et(y) = E(y| information available at time t)
= y f(y) y dy
12
Replacing assets with deposits greatly simplifies the algebra:
Some unknown quantities become known: Pt+1 = 1 Pt = 1 Dt+1 = Rt= home interest rate Pt+1*= 1 Pt* = 1 Dt+1*= Rt*= foreign interest rate The only unknown at time t is et+1
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RHS = [Et (et+1 ) - et ] / et + Rt*
Suppose Et (et+1 ) and et fixed, larger Rt* implies larger RHS
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Uncovered Interest Parity
Suppose we care only about expected return (say, we are risk neutral) Deposit in home currency if and only if the rate of return on the deposit in home currency is not less than the deposit in foreign currency Rt [Et (et+1 ) - et ] / et + Rt* Equilibrium if Rt = [Et (et+1 ) - et ] / et + Rt*
23
Uncovered Interest Parity floating exchange rate regime
In general, both interest rates and exchange rate will adjust to restore the equality. Can the CBs fix the interest rates at some desired level? Yes. If so, the exchange rate alone will do the job.
4
Rate of Return on a home asset
Return / cost of asset at time of purchase / year
Home asset in home currency ( Pt+1 + Dt+1 - Pt )/ Pt = [ ( Pt+1 + Dt+1 ) / Pt ] - 1
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Uncovered Interest Parity floating exchange rate regime
Rt = [Et (et+1 ) - et ] / et + Rt* Hence, the Uncovered Interest Parity can be used to determine the exchange rate. And, given any three of the variables we can compute the remaining one. E.g., given Et (et+1 ), et , and Rt* , we can compute Rt = [Et (et+1 ) - et ] / et + Rt* .
Covered and Uncovered Interest Rate Parity
WONG Ka Fu 26th January 2000
1
Comparing Local and Foreign Prices
Prices within a country
Prices across countries P (in home currency) P* (in foreign currency)
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Expected return and expected rate of return
Expected return on a home asset: Et (Pt+1 + Dt+1 - Pt ) = Et (Pt+1 + Dt+1) - Pt
Expected rate of return on a home asset: Et [(Pt+1 + Dt+1) / Pt - 1 ] = Et (Pt+1 + Dt+1) / Pt - 1
8
Expectations
Lottery 1 0.5 probability to win 1000 0.5 probability to win 0 Expect to win 0.5 × 1000 + 0.5 × 0 = 500
9
Expectations
Lottery 2 0.2 probability to win 1000 0.3 probability to win 500 0.5 probability to win 0 Expect to win 0.2 × 1000 + 0.3 × 500 + 0.5 × 0 = 350
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RHS = [Et (et+1 ) - et ] / et + Rt*
Suppose Et (et+1 ) and Rt* fixed, larger et implies smaller RHS
Suppose et and Rt* fixed, larger Et (et+1 ) implies larger RHS
7
Rate of Return on a foreign asset
Foreign asset in home currency [ et+1 ( Pt+1* + Dt+1* ) - etPt* ] / ( etPt* ) = [ et+1 ( Pt+1* + Dt+1* ) / ( etPt* ) ] - 1 = (et+1 / et ) [ ( Pt+1* + Dt+1* ) / Pt* ] - 1
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Uncovered Interest Parity floating exchange rate regime
Also because both home and foreign investors will deposit in home currency I.e., larger supply of home deposit and smaller supply of foreign deposit hence, home interest rate Rt decreases, i.e. towards equality Rt* increases, i.e. towards equality
t
For example, t=January, t+1=February
t+1
Return = Pt+1+Dt+1 -Pt Rate of Return = (Pt+1+Dt+1 - Pt)/Pt
3
Return on a home asset
Pt+1 - Pt dividends or any interest payments to the asset holder Dt+1 Pt+1 - Pt + Dt+1
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Rate of return on foreign deposit