December 2025
Intermediate to advanced
561 pages
27h 17m
English
book
International Financial Management: An Analytical Framework, 2nd Edition by Pearson
by Thummuluri Siddaiah
Content preview from International Financial Management: An Analytical Framework, 2nd Edition by Pearson
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INTERNATIONAL PARITY RELATIONSHIP 151
It further assumes that changes in price levels instantaneously translate into changes in
exchange rates. Thus, the real exchange rate is constant over time. The sticky-price mon-
etary model, on the other hand, assumes that prices of goods are sticky in the short run, and
PPP holds only in the long run. Therefore, a change in the nominal money supply causes a
change in the real money supply, which, in turn, results in interest rate changes and capital
flows.
Both versions of the monetary model—the sticky-price monetary model and the
flexible-price model—imply that an increase in the real output of a ...
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