Exchange rates and monetary spillovers
研究了浮动汇率何时能阻止货币和金融状况跨境溢出，发现特定参数下会出现资本流入与货币升值、随后逆转的周期性现象，全球金融条件微小冲击即可触发。
When do flexible exchange rates prevent monetary and financial conditions from spilling over across currencies? We examine a model in which international investors strategically supply capital to a small inflation-targeting economy with flexible exchange rates. For some combination of parameters, the unique equilibrium exhibits the observed empirical feature of prolonged episodes of capital inflows and appreciation of the domestic currency, followed by reversals where capital outflows go hand-in-hand with currency depreciation, a rise in domestic interest rates, and inflationary pressure. Arbitrarily small shocks to global financial conditions suffice to trigger these dynamics.