预期收益（expected retutn)

膨胀为2％，哪种债券收益会更高？如果预期通货膨胀为8％呢？如果你居住在瑞士，你愿意把1000美元投资于哪种债券？如果你生活在巴西呢？ Consider an economy in which there are two types of bonds．Bonds A pay a 10 percent nominal interest rate．Bonds B are indexed bonds and their real interest rate is 5 percent．Which one yields a higher return if people expect inflation to be 2 percent？What if expected inflation is 8 percent？In which bonds would you prefer to have$1，000 if you lived in Switzerland？If you lived in Brazil？

通货膨胀预期(expected inflation)

预期利润（Expected profit) 名词解释

假设美元利率和英镑利率均为每年5%。当前的美元/英镑均衡汇率与预期美元/英镑汇率之间有什么联系？假设预期美元/英镑汇率为每英镑1.52美元并保持不变，英国的年利率升至10%。如果美国的利率仍然保持不变，那么，新的均衡汇率是多少？

Suppose the dollar interest rate and the pound sterling interest rate are the same，5 percent per year．What is the relation between the current equilibrium ＄/￡ exchange rate and its expected future level？ Suppose the expected future ＄/￡ exchange rate，＄1.52 per pound，remains constant as Britain's interest rate rises to 10 percent per year．If the U.S. interest rate also remains constant，what is the new equilibrium ＄/￡ exchange rate？

的，他们每个人赚得利润100美元；如果一个人不努力工作，企业将会变得不太成功，每个人只能赚得70美元；如果两个人都不努力工作，企业更不成功，他们每个人只能赚得利润60美元。努力工作需要价值20美元的努力程度。

a．建立像图19-1那样的“博弈”。

b．安迪与本喜爱什么结果？

c．如果每个人都预期他的伙伴会努力工作，将出现什么结果？

d．如果每个人都预期他的伙伴懒散，将出现什么结果？

e．这个博弈是合伙人之间关系的一种正确的描述吗？为什么是或为什么不是？

Coordination failure is an idea with many applications. Here is one: Andy and Ben are running a business together. If both work hard, the business is a success, and they each earn $100 in profit. If one of them fails to work hard, the business is less successful, and they each earn $70. If neither works hard, the business is even less successful, and they each earn $60 in profit, Working hard takes $20 worth of effort.

a．Set up this“game”as in Figure 19-1.

b．What outcome would Andy and Ben prefer？

c．What outcome would occur if each expected his partner to work hard？

d．What outcome would occur if each expected his partner to be lazy？

e．Is this a good description of the relationship among partners？ Why or why not？

平提高一倍。试讨论这种行为对经常项目可能产生的影响。注意军事集结的预期期限(暂时的还是持久的)和军事集结的筹资方法(靠税收还是靠借债)。如果该国是一个大国，上述答案会有什么变化？ Suppose that a small country，with access t0 international borrowing and lending，decides thatfor national security reasons the government should double the level of military expenditures．Discussthe likely effect 0f such an action 0n the current account，paying attention t0 the expected duration 0f the military buildup(temporary or permanent)and the method of financing the buildup(through taxation or borrowing)．How would your answer change if the country were large？

A.土地价值

B.土地收益年限

C.房地产预期收益

D.建筑物预期收益

当预期收益相同时，可以用标准离差来衡量风险的大小。( )