Taylor Rules and the Deutschmark-Dollar Real Exchange Rate
探讨货币政策利率规则与实际汇率行为之间的联系，发现实际汇率偏离稳态的程度取决于通胀和产出缺口差值的现值，权重由利率规则参数决定。对德国数据的初步检验支持该模型。
We explore the link between an interest rate rule for monetary policy and the behavior of the real exchange rate. The interest rate rule, in conjunction with some standard assumptions, implies that the deviation of the real exchange rate from its steady state depends on the present value of a weighted sum of inflation and output gap differentials. The weights are functions of the parameters of the interest rate rule. An initial look at German data yields some support for the model.