The Case for Flexible Exchange Rates in 1953 and 1969: Friedman versus Johnson
比较弗里德曼和约翰逊支持浮动汇率、反对固定汇率的经典论文，发现弗里德曼的论点已涵盖约翰逊的主要观点，且避免了后者的重大失误，但约翰逊的文章因实际原因影响更大。
Abstract During the years of the Bretton Woods system, Milton Friedman and Harry Johnson, respectively, authored two of the most influential articles on exchange‐rate systems. Friedman's article, “The Case for Flexible Exchange Rates,” was published in 1953. Johnson's article, published 16 years later, carried the almost identical title—“The Case for Flexible Exchange Rates, 1969.” While both articles achieved classic status in the 1970s and the 1980s, Johnson's essay appears to have surpassed Friedman's essay in stature in the view of some economists. This paper provides a comparison of the arguments in favor of flexible rates and against fixed rates presented by Friedman and Johnson. I conclude that Friedman's essay presaged all of the major arguments made in Johnson's essay while excluding several major misses made by Johnson. Nevertheless, there were pragmatic reasons why Johnson's essay became more influential.