MONEY, CAPITAL, AND EXCHANGE RATE FLUCTUATIONS*
研究了货币交换中的信息摩擦如何影响国际汇率动态，模型能解释实际和名义汇率比美国产出更波动且高度正相关等经验规律。
We explore how the informational frictions underlying monetary exchange affect international exchange rate dynamics. Our perfectly flexible price model is capable of producing endogenously rigid international relative prices in response to technology and monetary shocks. The model is capable of accounting for the empirical regularities that the real and nominal exchange rates are more volatile than U.S. output, and that the two are positively and perfectly correlated. The model is also consistent with other standard real business cycle facts for the United States.