Exchange Rate Management: Intertemporal Tradeoffs
构建模型说明汇率管理的实际效果取决于货币与财政政策的时间路径，并研究了通过汇率目标实现通胀下降的约束与动态，结果与阿根廷、智利和以色列的实践一致。
Exchange-rate management is possible only if the government pursues consistent monetary and fiscal policies. The authors constructa model in which the real consequences of exchange-rate management depend on the precise time pattern of these policies. The authors study the constraints on feasible policies and the comparative dynamics of disinflation by means of exchange-rate targeting. Theoretical results are consistent with exchange-rate-managed disinflation attempts in Argentina, Chile, and Israel. Copyright 1987 by American Economic Association.