My second argument concerns how such a policy would interact with the financial markets – which are not accounted for in modern macroeconomic models.
我的第二个论点涉及政策与金融市场的互动方式——现代宏观经济模型都没有涵盖这一点。
2
In this column, the Editors briefly sketch Frankel’s argument to highlight the importance of his proposed export price index peg, described extensively in the new Policy Insight.