Temporary Stabilization: Predetermined Exchange Rates
分析基于临时降低贬值速度的稳定政策的影响，发现临时政策会产生实际效应，且政策期限越短效应越大，使用现金先行模型并扩展至本国商品和可变流通速度。
The paper analyzes the impact of a stabilization policy based on a temporary reduction in the rate of devaluation. Against a background in which a constant rate of devaluation has no real effects, it is shown that the temporary policy does and, furthermore, that the real effects tend to become bigger (in absolute value) as the horizon of the temporary policy is shortened. The central discussion is carried out in terms of a one-good, cash-in-advance model, with perfect capital mobility and Ramsey-type consumers. Results are extended to account for home goods and variable velocity; the roles of capital mobility and banking liberalization are briefly discussed.