Floating Exchange Rates in Peru, 1950-54
检验了三种模型来解释1950-1954年秘鲁浮动汇率的决定因素，发现预期购买力平价模型表现最佳且拟合良好。
Three potentially complementary models are tested in an effort to capture the fundamentals that underlaid the market's determination of Peru's floating exchange rate through the period 1950–1954 the first is an expectational purchasing power parity (PPP) model which maintains that asset market forces were driving the exchange rate to its perceived PPP level; the second is a flexible-price monetary model; and the thrid is a model along the lines described by Tsiang (1957) which emphasizes world prices for Peruvian exports as a fundamental determinant. I find that the expectational PPP model not only dominates the others, but also fits quite well.