The Degree of Capital Mobility and the Stability of an Open Economy under Rational Expectations
指出，在理性预期下，若放弃完全资本流动或忽略财富效应假设，经常账户和资产市场将共同决定汇率与利率，挑战了传统货币市场主导汇率的观点。
RECENT STOCHASTIC MODELS of the open economy have tended to downplay the role of the trade account in short-run exchange rate demination, focusing instead on the stock equilibrating function of exchange rates and interest rates.l The reason for this is that such models are specified in terms of discrete time and virtually all assume: (i) perfect capital mobility, in the sense that domestic and foreign assets are perfect substitutes on an uncovered basis; (ii) no wealth effects in the relevant demand functions. Under these assumptions, the exchange rate is essentially determined within the money market. However, as soon as either assumption is dropped, the current account balance, together with the appropriate asset market(s), assumes an important role in determining the exchange rate and domestic interest rate, along with the accumulation of foreign securities by the domestic economy during the period.2