Exchange Rates and Investment in United States Industry
研究汇率水平和波动性对美国产业投资的影响，发现1980年代的影响比1970年代更显著，且实际美元贬值与投资收缩相关，与常规认知相反。
The path of the dollar has significantly influenced investment activity in U.S. industry. The effects of both exchange-rate levels and exchange-rate volatility have been more pronounced in the 1980s than in the 1970s. Although aggregate investment data mask some of these relationships, the effects of exchange rates on investment are most pronounced in the disaggregate data for manufacturing durable goods sectors and nonmanufacturing sectors. These relationships also have changed over time. In contrast to the conventional wisdom, in the 1980s real dollar depreciations (appreciations) were likely to be associated with investment contractions (expansions). Copyright 1993 by MIT Press.