One-Sided Uncertainty about Future Fiscal Policy
分析未来政策规则不确定性的影响，模型表明预期在未知未来日期逆转的扩张性财政政策可能导致汇率持续升值，同时伴随持续的理性贬值预期，并与美国近期经验比较。
This paper analyzes the implications of uncertainty regarding future policy rules. The model demonstrates that expansionary fiscal policy, which is expected to be reversed at an unknown future date, can be responsible for sustained exchange rate appreciation, accompanied by persistent rational expectations of depreciations. The predictions of the model are compared with recent U.S. experience. Copyright 1989 by Ohio State University Press.