【正确答案】These six relationships can be stated more explicitly as follows:
①inflation rate = rate of growth of money supply a rate of growth of real gross national product (too much money chasing too few goods)
②rate of change of exchange rate = inflation rate differential ( purchasing power parity theory)
③interest rate = "real" interest rate expected inflation rate (Fisher effect: one country)
④expected rate of change of exchange = interest rate differential ( international Fisher effect)
⑤forward exchange premium or discount = interest rate differential ( interest rate parity theory)
⑥forward premium or discount = expected rate of change of exchange rate ( unbiased for- ward rate theory)