Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation
为一个小型开放经济体构建了汇率和经常账户决定模型，发现央行购汇无实际影响，而货币增长率上升有长期实际效应，政府支出增加可能导致经常账户盈余。
The paper develops a model of exchange-rate and current-account determination for a small economy peopled by infinitely lived, utility-maximizing households. In this setting, a central-bank purchase of foreign exchange has no real effects when central-bank foreign reserves earn interest at the world rate and proceeds are returned to the public. In contrast, an increase in the monetary growth rate does have real effects, even in the long run. The model developed here implies that an increase in government spending may lead to a surplus on current account. The external adjustment process predicted by the model is one in which consumption, real balances, and external assets all rise or fall simultaneously.