Managing Currency Pegs
用图形分析固定汇率与名义工资刚性导致的真实刚性，探讨缓解失业低效的货币与财政政策，区分了最优与次优方案。
The combination of a fixed exchange rate and downward nominal wage rigidity creates a real rigidity. In turn, this real rigidity makes the economy prone to involuntary unemployment during external crises. This paper presents a graphical analysis of alternative policy strategies aimed at mitigating this source of inefficiency. First- and second-best monetary and fiscal solutions are analyzed. Second-best solutions are prudential, whereas first-best solutions are not.