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，他认为实际汇率是由储蓄盈余决定的，而我认为，对那些瞄准实际汇率的国家（这正是他们正在做的，毫无疑问）来说，因果关系恰好相反。换言之，这些国家瞄准一个名义汇率，并试图保持低通胀率。他们通过执行货币、财政和监管政策以遏制国内需求，给净出口盈余制造空间来达到以上目标。我并不是说他们可以永远这么做。但他们可以在很长一段时间内这么做。
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