The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy
The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy
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灵活汇率制度理论与宏观经济政策
DOI：
10.1007/978-1-349-03359-1_11
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发表时间：
1976
期刊：
影响因子：
--
通讯作者：
R. Dornbusch
中科院分区：
文献类型：
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作者：
R. Dornbusch
本文从三个角度探讨了汇率的决定及其与宏观经济均衡和总政策的相互作用。从长期的角度来看，汇率决定的特点是货币和实际因素，其中实际因素包括对相对价格结构的明确考虑。短期或“流动性”的汇率观点强调资产市场均衡和预期的作用。最后，政策观点分析了总体政策的有效性，并指出短期内名义扰动将倾向于国际间传导。本文最后分析了二元汇率制度作为一种存在投机干扰的稳定政策。
This paper develops three perspectives on the determination of exchange rates and their interaction with macroeconomic equilibrium and aggregate policies. A long-run view characterizes exchange rate determination in terms of monetary and real factors where the real aspects include an explicit consideration of relative price structures. A short-run or “liquidity” view of the exchange rate emphasizes the role of asset market equilibrium and expectations. A policy view, finally, analyses the effectiveness of aggregate policies and points out that in the short-run nominal disturbances will tend to be transmitted internationally. The paper concludes with an analysis of dual exchange rate systems as a stabilizing policy in the presence of speculative disturbances.