Official Exchange Rate Arrangements and Real Exchange Rate Behavior
研究不同官方汇率安排下实际汇率的行为，发现官方钉住汇率制下实际汇率均值回归最快，且存在非线性效应：偏离均值越大调整越快，该效应在钉住汇率制中尤为显著。名义汇率而非价格承担了大部分调整。
We study the behavior of real exchange rates under various official designations of exchange rate arrangements. Examining many currencies, we find important differences across the designations. Most notably, real exchange rate mean reversion is fastest when nominal exchange rates are officially pegged. We also find a large nonlinear effect: adjustment is fastest when the real exchange rate deviates greatly from its mean. This nonlinear effect is also most striking among officially pegged currencies. Finally, we find that nominal exchange rates, rather than prices, do most of the adjusting.