The Transmission of Disturbances under Alternative Exchange-Rate Regimes with Optimal Indexing
构建了一个随机宏观经济模型，研究四种汇率制度下国际扰动的传导，指出汇率制度选择会影响经济结构，且完全隔绝外部扰动的制度未必最优。
The paper develops a general stochastic macroeconomic model that can be used to study the international transmission of disturbances under four alternative exchange-rate systems: uniform flexible exchange rates, uniform fixed exchange rates, and two versions of two-tier exchange rates. The analysis makes two general points. First, one cannot assume stability of structure when assessing the consequences of alternative exchange-rate regimes. For example, the slope of the aggregate supply curve and the rationally formed expectations in the asset markets can respond dramatically to the government's choice of exchange-rate regime. Second, exchange-rate regimes that provide full insulation from foreign disturbances may nevertheless be inferior to other regimes in terms of their ability to maximize social welfare.