A Theory of Exchange Rate Determination
构建了一个均衡模型，解释汇率和商品价格如何决定。商品相对价格变化（因供需变动）导致汇率变化和购买力平价偏离，政府无法通过外汇市场操作影响贸易条件。
This paper develops an equilibrium model of the determination of exchange rates and prices of goods. Changes in relative prices of goods, due to supply or demand shifts, induce changes in exchange rates and deviations from purchasing power parity. These changes may create a correlation between the exchange rate and the terms of trade, but this correlation cannot be exploited by the government to affect the terms of trade by foreign exchange market operations.