The Case for Roughly Stabilizing the Real Value of the Dollar
论证了宏观经济政策应瞄准汇率、允许汇率围绕目标水平浮动、以实际汇率为目标，并认为1988年12月美元实际价值大致合理。
The title of my paper implies the following five claims: 1) It is possible for macroeconomic policy to influence exchange rates in a substantive way; 2) It is desirable that macroeconomic policy target the exchange rate; 3) It is nevertheless desirable to leave substantial latitude for exchange rates to fluctuate around their target levels; 4) The target should be a real rather than nominal exchange rate; 5) The real value of the dollar was broadly appropriate when this paper was written (December 1988). The paper is devoted to explaining the basis for these five propositions.