Doubts About the McKinnon Standard
批评麦金农提出的以日元、马克和美元固定汇率为核心的国际货币体系方案，指出其缺乏理论和实证基础，并逐一反驳其关键主张。
[This paper responds to “Monetary and Exchange Rate Policies for International Financial Stability: A Proposal,” by Ronald I. McKinnon, in this same issue.] For over ten years, Ronald McKinnon has advocated a new monetary system centered on fixed exchange rates between the Japanese yen, the German mark, and the U.S. dollar. His proposal has fallen on fertile soil because the dramatic volatility in exchange rates makes the financial press and the business community grasp for ready answers. McKinnon's scheme seems to solve the problem of currency instability and to judge from his presentation there are only merits and not one shortcoming. In fact, however, there is little theoretical or empirical basis for his standard. To support this criticism, I will first summarize several of McKinnon's key propositions and prescriptions and then review these in a critical spirit.