On the Roles of International Financial Markets and Their Relevance for Economic Policy
发展了一个国际金融与宏观经济的一般均衡方法，用于解释汇率波动、预算赤字、外汇干预等证据，并评估政策选择，对研究开放经济的学者和政策制定者有参考价值。
A general equilibrium approach to international finance and macroeconomics has been developed. Recent work associated with this development provides useful tools for interpreting evidence and evaluating alternative policy options. Important issues to which these advances have been applied include the choice of an exchange rate system; the high variability of exchange rates; the effects of budget deficits, sterilized foreign exchange market intervention, and monetary and fiscal policies; the causes and consequences of large and variable current account deficits or surpluses and their connections with exchange rates; and the development of more open and sophisticated international financial markets. Copyright 1988 by Ohio State University Press.