1. Exhibit 4.1 The Hamburger Standard

2. Real World Example 4.1

3. Exhibit 4.2 Relative Purchasing Power Parity (PPP)

4. Exhibit 4.3 IMF’s Real Effective Exchange Rate Indexes for the United States and Japan (1995 = 100)

5. Real World Example 4.2

6. Exhibit 4.4 Exchange Rate Pass-Through

7. Exhibit 4.5 Currency Yield Curves and the Forward Premium

8. Exhibit 4.6 Interest Rate Parity (IRP)

9. Exhibit 4.7 Covered Interest Arbitrage (CIA)

10. Exhibit 4.8 Uncovered Interest Arbitrage (UIA): The Yen Carry Trade

11. Exhibit 4.9 Interest Rate Parity (IRP) and Equilibrium

12. Exhibit 4.10 Forward Rate as an Unbiased Predictor for Future Spot Rate

13. Exhibit 4.11 International Parity Conditions in Equilibrium (Approximate Form)