Monetary Policy, Elasticity Dynamics, and Real Exchange Rate Reversal
提出贸易余额弹性动态可解释1980年代实际汇率反转，与强调竞争力永久变化的滞后模型不同，该动态预测竞争力对汇率超调的反应滞后，为理解汇率变动提供新视角。
Models of hysteresis in trade invoke permanent shifts in competitiveness to explain the real exchange rate reversal of the 1980s. These models predict an immediate and permanent response of competitiveness to exchange rate overshooting. In contrast, an extensive, empirically based 'J-curve' literature suggests a lagged response of competitiveness to real exchange rate movements. This paper shows that such trade balance elasticity dynamics offer an attractive alternative explanation of real exchange rate reversal. Copyright 1995 by Ohio State University Press.