A Model of International Trade and Finance
构建了一个国际贸易、支付和金融资产流动的均衡模型，分析资产收益与各国消费品相对价格变化的关系，并引入货币探讨国际货币协议对个人投资组合决策的影响。
An equilibrium model of international trade, payments, and financial asset flows is developed with implications for the relationship between asset returns and changes in the relative prices of consumption goods of different countries. The model focuses on international trade as enlarging the opportunity for intertemporal exchange. The main source of uncertainty in the model is revisions of investors' expectations of the profitability of country-specific capital. The model is extended to include money to demonstrate how international monetary agreements may affect individual portfolio decisions.