Exchange Rate Dynamics Redux
构建了一个可解析的两国模型，结合垄断竞争和名义价格粘性，分析汇率和经常账户的动态，并探讨货币与财政政策的国际福利溢出效应。
We develop an analytically tractable two-country model that marries a full account of global macroeconomic dynamics to a supply framework based on monopolistic competition and sticky nominal prices. The model offers simple and intuitive predictions about exchange rates and current accounts that sometimes differ sharply from those of either modern flexible-price intertemporal models or traditional sticky-price Keynesian models. Our analysis leads to a novel perspective on the international welfare spillovers due to monetary and fiscal policies.