他们发现，19世纪的资本流动往往追随着大规模的跨大西洋移民潮，这减轻了接收国实际工资和就业水平的下行压力。

They found that 19th century capital flows tended to follow the great cross-Atlantic migrations and this mitigated downward pressure on real wages and employment in the recipient countries.

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“人们可能会争论说，渐进升值的政策实际上会刺激投机资本流入，从而挫败控制国内流动性状况的努力，”他表示。

"One could argue that the policy of gradual appreciation actually encouraged speculative inflows that frustrated attempts to control domestic liquidity conditions," he says.

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文章在个体跨期最优模型中引入内生劳动力供给，并同时假定对资本流动存在限制，以此来分析实际汇率变动对就业的影响。

With the assumption of possible limitation existed on capital flow, in this article, we establish an optimizing inter-temporal agent model with endogenous labor supply incorporated.

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