Monetary Expansion and Real Exchange Rate Dynamics
研究在完全弹性国内价格和浮动汇率下，货币扩张率变化如何影响实际汇率动态，发现货币扩张加速会立即导致实际汇率升值和国际收支恶化，与Calvo和Rodríguez的结论相反。
This paper examines the effect of a change in the rate of monetary expansion on the dynamics of the real exchange rate under fully flexible domestic prices and a floating exchange rate. The model is similar in structure to an ealier paper by Calvo and Rodríguez, the main difference being that in our model consumers have an infinite planning horizon and long-run perfect foresight. One of the main findings is that an increase in the rate of monetary expansion has the impact effect of creating a real appreciation of the exchange rate and a deterioration of the balance of payments, contrary to the results of Calvo and Rodríguez.