我们注意到，在文中，固定汇率制度不是导致汇率绝对地固定，而是会形成较窄的波动带，汇率可以在

其中变动。例如黄金输出入点就能在金本位下产生这样的波动带。(这些波动带通常是以中心汇率加减一个百分点为上下边界的.)在何种程度上，这样的汇率波动带允许国内利率独立于外国利率进行波动呢？答案取决于利率的到期日。为了有助于你的分析，假设给汇率加上或减去一个百分点的波动带，并且依次考虑三个月期、六个月期以及一年期的存款利率。在如此狭窄的波动带内，10年期的贷款利率会有更大的独立变动空间吗？

We observed in the text that“fixed” exchange rate systems can result not in absolutely fixed exchange rates but in narrow bands within which the exchange rate can move. For example，the gold points (mentioned in footnote 16) produce such bands under a gold standard. (Typically those bands were on the order of plus or minus i percent of the “central”exchange parity.) To what extent would such bands for the exchange rate allow the domestic interest rate to move independently of a foreign rate？ Show that the answer depends on the maturity or term of the interest rate. To help your intuition，assume plus or minus i percent bands for the exchange rate，and consider， alternatively，rates on three month deposits，on six month deposits，and on one- year deposits. With such narrow bands，would there be much scope for independence in 10-year loan rates？