The Choice of an Exchange Rate System and Macroeconomic Stability
综述了汇率制度选择影响经济稳定性的理论，指出最优制度取决于经济冲击类型，并比较了以消费稳定和价格稳定为目标的不同结论。
THE RECENT THEORETICAL LITERATURE REGARDING THE choice of an exchange rate system has focused on how the choice of an exchange rate regime will affect the stability of the economy. While the methodology and emphasis of the various theoretical arguments differ, the common thread that runs through all is the notion that the appropriate exchange rate system will differ with the nature of the disturbance to the economy. The substantive differences existing among the various studies are, to a certain extent, due to different criteria used for exchange system choice. It is not surprising that one's beliefs with regard to the effect of exogenous shocks on exchange system choice will be sensitive to the objective function used. For instance, Fischer (1977) and Frenkel and Aizenman (1982) focus on the minimization of real consumption shocks and derive the result that the greater the domestic money shocks, the more likely is a float. Alternatively, Flood (1979) and Aizenman (1983), with an objective of minimizing domestic price shocks, conclude that the greater the domestic money shocks, the more preferred is a fixed exchange rate. While the evidence presented below will indicate which approach is more consistent with actual country practice, we should first consider the rationale behind the criteria considered. Fischer appeals to basic micro theory when he says that concavity of utility functions expressed as a function of consumption justifies concern with the stability of consumption but it is not obvious that price stability is, of itself, undesirable