Open‐Economy Macroeconomics: Developments in Theory and Policy
以欧洲货币统一为视角，梳理开放经济宏观经济学的发展，分析名义汇率制度对汇率波动的影响，并讨论放弃汇率调整选项的宏观经济稳定成本。
This paper views developments in open‐economy macroeconomics through the lens of the debate over European monetary unification. The empirical tendency for nominal exchange rate regimes to affect the variability of nominal and real exchange rates alike can be rationalized by sticky‐price theories or models of asset‐market liquidity effects. But plausible liquidity models have difficulty generating enough persistence to match the data. Thus, the macroeconomic stabilization costs of forgoing the exchange‐rate realignment option seem pertinent. It is argued that our theories of efficiencies due to a common currency remain unsatisfactory, despite recent advances. The paper concludes by reviewing theories of currency crisis