Suppose that money supply growth continues to be higher in Turkey than it is in the United States. What does purchasing-power parity imply will happen to the real and to the nominal exchange rate?
Higher money growth leads to higher prices, so prices will rise more in Turkey than in the United States. Under purchasing-power parity, this has no affect on the real exchange rate. However, in order for a dollar to buy as many goods in Turkey as it buys in the United States when prices are rising faster in Turkey, the nominal exchange rate must be rising so that a dollar buys more Turkish lira.
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