A Standard Monetary Model and the Variability of the Deutschemark-DollarExchange Rate
检验了Herse(1985)和Woo(1985)的模型能否解释1974-1984年德国马克-美元汇率的月度波动，结果发现可以，但波动主要来自不可观测的货币需求和购买力平价冲击。
This paper uses a novel teat to see whether the Herse (1985) and Woo (1985) models are consistent with the variability of the deutschemark - dollar exchange rate 1974-1984. The answer, perhaps surprisingly, is yes. Both models, however, explain the month to month variability as resulting in a critical way from unobservable shocks to money demand and purchasing power parity. It would therefore be of interest in future work to model one or both of these shocks as explicit functions of economic variables.