"Automatic" Output Stability and the Exchange Arrangement: A Multi-Country Analysis
用一个多国模型分析全球市场结构和汇率安排如何影响各国产出波动，并找出帕累托最优的汇率安排，举例说明最优安排的决定因素、货币集团何时最优以及不对称世界中的分配冲突。
The dependence of national output variances on the structural and stochastic features of world markets and on the global exchange arrangement is depicted in a multi-country model of income and exchange rate determination. The set of Pareto optimal exchange arrangements is displayed. Examples are presented to illustrate the empirical determinants of an optimal arrangement, the situations under which currency blocs are Pareto optimal, and the distributional conflicts which often arise in an asymmetric world.