Dynamic Exchange Rate Equilibria with Uncertain Government Policy
通过展示资产控制威胁如何在完美资本市场的一般均衡模型中产生确定的汇率，并说明在某些威胁序列下汇率可由货币变量解释，揭示了汇率对政策预期变化的敏感性。
In this paper we link two exchange rate literatures by showing how threats of asset controls yields determinate exchange rates in general equilibrium models with otherwise perfect capital markets and by showing how, for certain sequences of threats, exchange rate determination may be well explained by monetary variables. We find that in general there exists no natural exchange rate, and market rates may be sensitive to changed perceptions about future exchange rate intervention.