This paper investigates the special features of R. Dornbusch's monetary approach to international trade，following mainly his earlier articles. According to J. M. Keynes' theory of money，monetary flow in an economy is devided into two kinds; industrial flow and financial flow. The theory of purchasing power parity is concerned only with industrial flow of money. The monetary approach is said to be consistent with the purchasing power parity theory. Our main conclusions of this paper are: (a)One-good-model of Dornbusch's articles is simply compatible with the purchasing power parity theory. (b)His two-goods-model，however，is not so simple. The deviation of exchange rate from purchasing power parity arises from three factors; relative price between tradable and non-tradable goods，weight parameter of transaction volume in GDP deflator，and the international price differential of tradable goods. Even in the long-run equilibrium，weight parameter of transaction volume among three factors can be considered not to be constant in the process of recovery from the short-run equilibrium. (c)In addition，the international price differential of tradable goods is theoretically excluded from his analysis. But the price differential of tradable goods is affected by interest rate difference between two country.