Covered Purchasing Power Parity, Ex‐ante PPP and Risk Aversion
在风险厌恶的一般情形下推导出覆盖购买力平价条件，并基于消费资产定价模型得到风险增强的事前购买力平价形式，对七国集团数据进行检验，发现风险厌恶有助于解释购买力平价的偏离。
The standard expectations augmented theory of ex‐ante Purchasing Power Parity which was first developed by Roll assumes that agents are risk neutral. A Covered Purchasing Power Condition is developed which holds for the general case of risk aversion. A risk augmented form of ex‐ante PPP is then derived using a consumption‐based asset pricing framework. This is tested for the post‐Bretton woods period for the group of seven main industrial countries. The results suggest that risk aversion has a part to play in explaining deviations from PPP.