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Assume that at the beginning of 2012, 1 dollar could be traded for 5 yuan. If in 2013, 1 dollar was ...

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Assume that at the beginning of 2012, 1 dollar could be traded for 5 yuan. If in 2013, 1 dollar was ...

Assume that at the beginning of 2012, 1 dollar could be traded for 5 yuan. If in 2013, 1 dollar was being traded for 6 yuan, it can be concluded that ________.

▸ the dollar appreciated against the yuan and the yuan depreciated against the dollar in 2013

▸ the dollar depreciated against the yuan and the yuan appreciated against the dollar in 2013

▸ the real exchange rate changed in 2013, assuming PPP holds

▸ the nominal exchange rate did not change in 2013

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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