The Impact of Exchange Rate Uncertainty on the Level of Investment
利用Dixit-Pindyck模型，发现汇率不确定性对投资的影响存在阈值效应，在某些情况下会抑制投资，在某些情况下则不会，并识别了哪些行业在固定汇率下受益或受损，对欧洲货币联盟有重要启示。
Conventional wisdom has it that increasing price or exchange rate uncertainty will depress investment. Using the Dixit–Pindyck model, we find that there are situations where this will happen; and situations where it does not. There are threshold effects which allows us to identify when rising volatility would increase or decrease investment; and also to identify which types of industries would gain, and which would suffer, from a move to fixed exchange rates. This is important for monetary union in Europe since it is likely that, even if trade is insensitive to exchange rate volatility, investment with its longer horizon will be affected.