EXCHANGE RATE MANIPULATION AND CONSTRUCTIVE AMBIGUITY
研究了外汇干预和汇率基本面信息不对称的动态模型，发现透明度有时会加剧汇率与基本面的偏离，而建设性模糊能提升危机时干预支持本币的效果。
I consider dynamic models in which investors are heterogeneously informed about both foreign exchange interventions and exchange rate fundamentals and show that transparency sometimes exacerbates misalignment between the exchange rate and fundamentals. Although transparency reveals information about fundamentals, it also increases the precision of the exchange rate as a signal of those fundamentals that remain unknown (the signal‐precision effect of transparency). If a central bank announcement reveals little information about fundamentals, then this effect dominates and transparency magnifies misalignment. One implication is that ambiguity can increase the effectiveness of intervention to support a declining currency during times of crisis.