02 Economics
2013年CFA二级培训项目
Economics
何旋
金程教育资深培训师
日期：2012年12月16日
地点： ■ 上海 □北京 □深圳
何旋
¾ 职称：金程教育资深培训师、通过CFA三级、通过FRM二级
¾ 授课：主讲CFA一级、二级、三级固定收益、衍生产品，一级、二级数
量分析和组合管理、经济学、职业伦理，FRM一级二级，RFP投资策划
课程等。
¾ 专业能力：讲课幽默风趣，最擅长的是将复杂问题简单化，通过举大量
实例帮助学员理解复杂问题。金融理论知识扎实，在金融教学中有自己
独到的方法。多年对CFA、FRM、RFP等考试体系的研究使她全面掌握
考试重点，尤其擅长经济学、投资学课程的讲授，能将复杂的理论具体
化，在授课过程中能够从考生角度出发，提供自己在备考过程中的经验
和方法，帮助考生更好的准备考试。
¾ 客户：摩根史丹利、工商银行、中国银行、瑞穗实业银行、南京银行、
兴业基金、太平洋保险等。
¾ 联系方法：hexuanf@gmail.com
¾ 微博：何旋katherine
2-94
100% Contribution Breeds Professionalism
CFA二级课程框架
10
Study Session 1-2
Ethics & Professional Standards
Study Session 3
Quantitative Analysis
5-10
Study Session 4
Economics
5-10
Study Session 5-7
Financial Reporting and Analysis
15-25
Study Session 8-9
Corporate Finance
5-15
Study Session 18
Portfolio Management and Wealth Planning
5-15
Study Session 10-12
Equity Investment
20-30
Study Session 14-15
Fixed Income
5-15
Study Session 16-17
Derivatives
5-15
Study Session 13
Alternative Investments
5-15
Total: 100
3-94
100% Contribution Breeds Professionalism
Summary of Readings and Framework
SS 4
¾ R14 Currency exchange rate: determination and forecasting
¾ R15 Economic Growth and investment decision
¾ R16 Economics of Regulation
4-94
91
100% Contribution Breeds Professionalism
Economics for Valuation
Reading 14: Currency exchange rate: determination and forecasting
5-94
91
100% Contribution Breeds Professionalism
R14. Currency Exchange Rates
Warm-up
¾ Exchange rate is simply the price or cost of units of one currency in terms of another.
¾ Nominal exchange rate: the price that we observe in the marketplace for foreign exchange. ¾ Real exchange rate: the focus shifts from the quotations in the foreign exchange market to what the currencies actually purchase in terms of real goods and services. z FX real(d/f) = FX nominal (d/f) *CPIf/CPId z Changes in real exchange rates can be used when analyzing economic changes over time. 9 When the real exchange rate (d/f) increases, exports
Economics
何旋
金程教育资深培训师
日期：2012年12月16日
地点： ■ 上海 □北京 □深圳
何旋
¾ 职称：金程教育资深培训师、通过CFA三级、通过FRM二级
¾ 授课：主讲CFA一级、二级、三级固定收益、衍生产品，一级、二级数
量分析和组合管理、经济学、职业伦理，FRM一级二级，RFP投资策划
课程等。
¾ 专业能力：讲课幽默风趣，最擅长的是将复杂问题简单化，通过举大量
实例帮助学员理解复杂问题。金融理论知识扎实，在金融教学中有自己
独到的方法。多年对CFA、FRM、RFP等考试体系的研究使她全面掌握
考试重点，尤其擅长经济学、投资学课程的讲授，能将复杂的理论具体
化，在授课过程中能够从考生角度出发，提供自己在备考过程中的经验
和方法，帮助考生更好的准备考试。
¾ 客户：摩根史丹利、工商银行、中国银行、瑞穗实业银行、南京银行、
兴业基金、太平洋保险等。
¾ 联系方法：hexuanf@gmail.com
¾ 微博：何旋katherine
2-94
100% Contribution Breeds Professionalism
CFA二级课程框架
10
Study Session 1-2
Ethics & Professional Standards
Study Session 3
Quantitative Analysis
5-10
Study Session 4
Economics
5-10
Study Session 5-7
Financial Reporting and Analysis
15-25
Study Session 8-9
Corporate Finance
5-15
Study Session 18
Portfolio Management and Wealth Planning
5-15
Study Session 10-12
Equity Investment
20-30
Study Session 14-15
Fixed Income
5-15
Study Session 16-17
Derivatives
5-15
Study Session 13
Alternative Investments
5-15
Total: 100
3-94
100% Contribution Breeds Professionalism
Summary of Readings and Framework
SS 4
¾ R14 Currency exchange rate: determination and forecasting
¾ R15 Economic Growth and investment decision
¾ R16 Economics of Regulation
4-94
91
100% Contribution Breeds Professionalism
Economics for Valuation
Reading 14: Currency exchange rate: determination and forecasting
5-94
91
100% Contribution Breeds Professionalism
R14. Currency Exchange Rates
Warm-up
¾ Exchange rate is simply the price or cost of units of one currency in terms of another.
¾ Nominal exchange rate: the price that we observe in the marketplace for foreign exchange. ¾ Real exchange rate: the focus shifts from the quotations in the foreign exchange market to what the currencies actually purchase in terms of real goods and services. z FX real(d/f) = FX nominal (d/f) *CPIf/CPId z Changes in real exchange rates can be used when analyzing economic changes over time. 9 When the real exchange rate (d/f) increases, exports