Fixed exchange rates: Credibility, flexibility and multiplicity
综述固定汇率可持续性的近期研究，基于动态Barro-Gordon框架分析债务水平如何影响政府决策，探讨多重均衡与自我实现危机仅在特定债务水平下发生的条件。
This paper surveys recent work on the sustainability of fixed exchange rates. It considers a dynamic version the Barro-Gordon framework, in which the level of a state variable (in this case debt) determines the pay-offs available to the government at each point in time. Multiple equilibria and self-fulfilling runs are possible, but only at certain levels of debt. A surprise devaluation can either increase or decrease future expected devaluation relative to a no-devaluation situation.