An equilibrium theory of nominal and real exchange rate comovement
构建了一个定量均衡理论，解释名义与实际汇率高度联动的现象，发现技术冲击和货币政策对产出的适应性反应是主因，投资边际效率冲击也起重要作用。
This study develops a quantitative equilibrium theory to offer an explanation of one of the most puzzling aspects of empirical exchange rate behavior – the high degree of nominal and real exchange rate comovement. Technology shocks coupled with the accomodative response of monetary policy to output fluctuations are primarily responsible for the covariation between nominal and real exchange rates. Shocks to the marginal efficiency of investment also play an important role.