@article{oai:ksu.repo.nii.ac.jp:00002128,
 author = {葉原, 壽人 and HABARA, Kazuhito},
 journal = {京都マネジメント・レビュー},
 month = {Dec},
 note = {Every economic models of exchange rate have failed to explain even the medium term exchange rate movements. They still have failed to outperform the naïve random walk model. This paper tries to clarify a part of the problem chiefly from accounting point of view. When the complete stock-flow accounting is incorporated, the two-country open economy Portfolio Balance Model has just two independent equations for asset market clearing. It can determine home and foreign interest rates but not the exchange rate. If asset market equilibria vary smoothly over time, the balance of payments equation in the Mundell–Fleming model is not independent and cannot set the exchange rate either, and “fundamentals-based” econometric models of the exchange rate would almost certainly fail. An alternative is a two-country IS/LM model with exchange rate dynamics added. Its dynamic properties under Uncovered Interest Rate Parity are briefly explored. However, this problem is much deeper and beyond the scope of this technical paper. The future direction of research is suggested in the last part of paper.},
 pages = {81--107},
 title = {Why Exchange Rate is Indeterminate in Open Macro Economic Models? : An Approach from General Equilibrium View Point (駒井亨教授定年御退職記念号)},
 volume = {2},
 year = {2002}
}