Money, Banking, and the Determination of Real and Nominal Exchange Rates
构建了一个包含空间隔离、有限沟通和随机迁移的模型，分析银行和国家货币的作用，探讨货币政策如何影响固定和浮动汇率制度下的实际与名义汇率及利率，并指出两种制度下汇率均存在不确定性。
The authors consider a model where spatial separation, limited communication, and stochastic relocation create a role for banks and country-specific currencies. The same factors also permit a deviation from the law of one price. The authors examine how monetary policies influence real and nominal rates of exchange and real and nominal rates of interest under both fixed and flexible exchange rate regimes. They also demonstrate that both regimes are characterized by an indeterminacy of both the real and the nominal rate of exchange. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.