Monetary Policy and Investment Dynamics in Interdependent Economies
用一个两国动态模型分析货币政策变化后价格、利率、汇率和资本流动的调整路径，发现一国货币扩张会在国外产生通缩压力，汇率和资本流动可能超调或欠调。
A dynamic two-country model is used to determine the adjustment pat hs of prices, interest rates, exchange rates, and capital flows aftera change i n monetary policy. The principal controlling factor is thereaction of investmen t to capital goods prices (Tobin's q). Monetaryexpansion in one country produces deflationary pressure abroad. There is an instant decline in the world interest rate followed by a gradual rise. Exchange rates may overshoot or undershoot their steady-state level. The same applies to capital flows, but there is no correspondence between the paths of exchange rates and capital flows. Copyright 1987 by Ohio State University Press.