Official Intervention in the Foreign Exchange Market, or, Bet Against the Central Bank
用弗里德曼的利润标准评估1970年代的官方外汇干预，发现央行未能稳定汇率市场且损失数十亿美元，投机交易反而减少了干预的破坏性影响。
Evaluating official foreign exchange intervention during the 1970s using Friedman's profit criterion shows that central banks have failed to stabilize the exchange markets and have lost billions of dollars. The monetary authorities have resisted rate movements, which results in a misallocation of resources when there is a shift in the equilibrium exchange rate. Counterspeculation by exchange traders reduces the destabilizing effect of central-bank intervention and the consequent loss in economic welfare.