1. Exchange Rates: Why Do They Changes?
CHAPTER 15
Exchange Rates: Why Do They Changes?
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2. Exhibit 15-1 Four Primary Exchange Rate Measures
© 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
South-Western/Cengage Learning. All rights reserved

3. Exhibit 15-2 The Real Exchange Rate
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4. Exhibit 15-3 Calculating the Real Exchange Rate
© 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

5. Exhibit 15-4 Real Versus Nominal Exchange Rates
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6. Exhibit 15-5 Percentage Change in the Real Exchange Rate
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7. Exhibit 15-6 Percentage Changes: Nominal Exchange Rates, Inflation Rates, and Real Exchange Rates
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8. Exhibit 15-7 Review of Exchange Rate Measures
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9. Exhibit Nominal Effective and Real Effective Exchange Rates for the U.S. Dollar Relative to a Broad Index of Major U.S. Trading Partners:
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10. Exhibit 15-9 Supply and Demand: What Goes on the Horizontal Axis?
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11. Exhibit 15-10 Putting Supply and Demand into a Familiar Context
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12. Exhibit 15-11 Swiss Franc Market and Dollar Market for Foreign Exchange
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13. Exhibit 15-12 Major Groups That Demand Swiss Francs
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14. Exhibit 15-13 Major Groups That Supply Swiss Francs
© 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

15. Exhibit 15-14 Equilibrium Exchange Rate and Quantity Per Period
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16. Exhibit 15-15 Demand for Swiss Francs Is a Mirror Image of the Dollar Supply
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17. Exhibit 15-16 Supply Of Swiss Francs Is a Mirror Image of the Dollar Demand
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18. Exhibit 15-17 Major Factors That Affect Nominal Exchange Rates
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19. Exhibit 15-18 Effects of an Increase in Mexico’s Relative Price Level
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20. Exhibit 15-19 Effect of an Increase in Mexico’s Relative Real GDP
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21. Exhibit 15-20 Effects of Falling Mexican Interest Rates Relative to the United States
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22. Exhibit Effects of an Increase in Mexico’s Relative Risks or Taxes, or Effects of Relatively Unfavorable Mexican Investment Return Expectations
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23. Exhibit 15-22 Spot Market Speculation Effects of an Expected Appreciation of the Peso
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24. Exhibit 15-23 Effects of Bank of Mexico Intervention to Raise the Peso’s Value
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25. Exhibit The Effects of Bank of Mexico Foreign Exchange Market Intervention to Raise the Value of the Peso
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26. Exhibit 15-25 Summary of Effects of Central Bank Intervention
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27. Exhibit 15-26 Alternative Exchange Rates Systems
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28. Exhibit 15-27 Stabilizing Central Bank Intervention
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29. Exhibit 15-28 De Facto Exchange Rate Arrangements and Monetary Policy Frameworks, April 30, 2012
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30. Exhibit Continued
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31. Exhibit Continued
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32. Exhibit Continued
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33. Exhibit A15-1 Downward-Sloping Supply of Swiss Francs
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