Capital Mobility and Devaluation in an Optimizing Model with Rational Expectations
研究在理性预期和资本自由流动的爬行钉住汇率制下，汇率政策对个人终身效用最大化的影响，对关注新兴经济体汇率政策与通胀治理的学者有参考价值。
This paper examines the effects of ex-change-rate policies when individuals maximize lifetime utility on the basis of rational expectations about the future. The economy studied is one in which the authorities allow free mobility of capital under a crawling-peg exchange-rate regime. Many industrializing economies have adopted a crawling peg as a means of reconciling disparate inflation rates at home and abroad, and some recent efforts to use the rate of crawl as an instrument of anti-inflation policy have attracted considerable interest (see Carlos Diaz Alejandro). Tools similar to those employed here have been applied by Guillermo Calvo (forthcoming) to study this type of exchange-rate management under conditions of capital immobility.