Chartists, fundamentalists and exchange rate dynamics
本文构建了两个模型，分析图表交易者和基本面交易者如何相互作用，导致货币扩张下的汇率变动。第一个模型与多恩布什模型动态一致，第二个模型则可能引发暂时性投机泡沫。
This paper develops two models in which chartist and fundamentalist asset holders interact to produce exchange rate movements in response to monetary expansion. In the first model, with two groups of asset holders, the dynamic behavior of the system is the same as in the Dornbusch model even though risk-neutral chartist asset holders with destabilizing extrapolative expectations are operating there. However, in the model with a homogeneous group of asset holders maintaining both chartist and fundamentalist expectations, the exchange rate will most likely move to an unstable path, and a speculative bubble that is likely to be temporary will develop. © 1997 John Wiley & Sons, Ltd.