Fluctuating Exchange Rates and the International Transmission of Economic Disturbances
从失业理论视角，考察浮动汇率制下各国经济波动是否相互隔离，分析一国产出波动如何影响他国产出与就业。
The purpose of the present study is to examine the claims made for fluctuating exchange rates, and particularly to examine these claims from the point of view of the theory of unemployment.... We ask ourselves how cyclical movements of output in one part of the world would affect output elsewhere. In short, would stable countries be insulated from unstable ones under such a monetary arrangement, or would income and employment in every country still be dependent, as under the gold standard, upon economic conditions in the rest of the world? [7]