jellyfsh_1

同意3楼观点，这里的汇率虽然是nominal 的，但是假设inflation is the same. ( 书上 P559 CFA BOOK,The law of supply of foreign exchange  for example, the exchange rate rises from 100 yen to 120 yen per U.S. dollar and other things remain the same......)

 

jellyfsh_1

yes, the difference between real and nominal is inflation (1+ real)(1+inflation)=1+ nominal