On the Indeterminacy of Equilibrium Exchange Rates
研究自由放任政策（允许自由选择投资组合和浮动汇率）是否可行，发现该政策没有确定的均衡，因为货币仅用于交易，这来自世代交叠模型。
In this paper we consider a particular international economic policy regime: the laissez-faire regime, the distinguishing features of which are unrestricted portfolio choice and floating exchange rates. And as we show, this regime, although favored by many economists, is not economically feasible. It does not have a determinate equilibrium. That is an implication of an overlapping-generations model. More basically, it is an implication of the notion that money is wanted only in order to accomplish trades.