Are exchange rates macroeconomic phenomena
论证宏观经济变量对汇率的影响相对不重要，因为双边汇率波动差异很大，而各国宏观经济波动却相似，例如法郎/马克汇率波动远低于加元/马克，尽管法国和加拿大对德国的宏观经济波动相近。
This paper argues that macroeconomic variables are relatively unimportant determinants of exchange rates. The argument hinges on the fact that bilateral exchange rate volatility differs widely across pairs of countries, but macroeconomic volatility is much more similar across countries, at least at short- and medium-term frequencies. For instance, the French Franc/German Deutschemark exchange rate has dramatically lower volatility than the Canadian dollar/German Deutschemark rate, although France and Canada have approximately equal macroeconomic volatility vis-a-vis Germany.