Money and Exchange Rates in the Grossman-Weiss-Rotemberg Model
研究格罗斯曼-韦斯-罗滕伯格模型中货币注入的影响，发现货币冲击会导致名义汇率波动大于通胀、货币增长或利差，且实际汇率变动持久且接近名义汇率变动。
We examine the impact of monetary injections in the Grossman-Weiss-Rotemberg Model and show that monetary shocks can lead to nominal exchange rates that are more volatile than inflation, money growth or interest rate differentials. Moreover, movements in real exchange rates following monetary injections can be persistent and nearly as large as movements in nominal exchange rates nominal exchange rates.