First, he believes that the real exchange rate is determined by the savings surplus, while I argue that the causality for the countries targeting the real exchange rate (and that is what they are, without doubt, doing) is the other way round. In other words, countries target a nominal exchange rate and try to keep inflation down. They do so by pursuing monetary, fiscal and regulatory policies intended to curb domestic demand and so make room for the surplus on net exports. I am not suggesting they can do this forever. But they can do it for a very long time.
首先，他認為實際匯率是由儲蓄盈余決定的，而我認為，對那些瞄準實際匯率的國家（這正是他們正在做的，毫無疑問）來說，因果關系恰好相反。換言之，這些國家瞄準一個名義匯率，并試圖保持低通脹率。他們通過執行貨幣、財政和監管政策以遏制國內需求，給凈出口盈余制造空間來達到以上目標。我并不是說他們可以永遠這么做。但他們可以在很長一段時間內這么做。
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