Measuring and Analyzing the Effects of Short-Term Volatility in Real Exchange Rates
测量了工业国家实际有效汇率的短期波动，发现波动并未随浮动汇率经验增加而减少，且不同国家暴露程度不同，这种波动会抑制国际贸易量。
This paper examines short-term volatility in the real effective exchange rates of industrial countries and its impact on their imports. It yields three conclusions. First, volatility has not diminished as markets have gained experience with floating exchange rates; the trend appears to be in the opposite direction for some countries. Second, exposure to short-term volatility has differed among countries; Japan and Sweden have experienced much more than most other industrial countries. Third, volatility appears to depress the volume of international trade. This third finding is consistent with results reported by Cushman and by Akhtar and Hilton and challenges earlier findings by Hooper and Kohlhagen.