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hey there i want to clarify some stuff about the real exchange rate when you do this in a stepwise process step one is you probably have the equation from the lecture which is that the real exchange rate is equal to the nominal exchange rate now it doesnt say nominal its just an e im going to write nominal and thats divided by p over p f where p f is the foreign price level and p is the domestic price level now also note that e in any of its forms is the price in dollars no im saying dollars because im american and this class is being taught in the u.s so to me that is the domestic currency that you have to pay to get one unit of foreign currency okay so thats step one just kind of start with that and then i think we should rewrite it it might help instead of having this compound fraction just multiply by the reciprocal of the denominator you have this written out differently step two note that if ppp holds then the nominal exchange rate is equal to what the purchasing power pa
