PPP EXCHANGE RATE RULES, MACROECONOMIC (IN)STABILITY, AND LEARNING*
研究发展中国家为维持竞争力而采取的购买力平价汇率规则，发现这类规则可能引发宏观经济不稳定，产生可被经济主体学习的太阳黑子波动，其存在取决于开放度和汇率传导程度。
In order to maintain competitiveness, governments in developing economies seem to have pursued purchasing power parity (PPP) exchange rate rules, by adjusting the nominal devaluation rate in response to real exchange rate deviations from an intermediate target. This article shows that these rules are likely to induce macroeconomic instability, as they generate sunspot‐driven fluctuations that are in fact learnable by agents in the Expectational‐Stability sense. It finds that the existence of these “learnable sunspots” depends, among others, on open economy features, including the degree of openness and the degree of exchange rate pass‐through to consumer's import prices.