CAPITAL CONTROLS, MONETARY POLICY, AND BALANCE SHEETS IN A SMALL OPEN ECONOMY
CAPITAL CONTROLS, MONETARY POLICY, AND BALANCE SHEETS IN A SMALL OPEN ECONOMY
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小型开放经济体中的资本管制、货币政策和资产负债表
DOI：
10.1111/ecin.12544
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发表时间：
2018
期刊：
影响因子：
1.8
通讯作者：
Takaku Kenya
中科院分区：
文献类型：
--
作者：
Kitano Shigeto;Takaku Kenya
我们发展了一个小型的开放经济，新凯恩斯主义模型，将金融加速器与负债美元化相结合。运用拉姆齐型分析，我们比较了弹性汇率下最优货币政策和固定汇率下最优资本管制政策对福利的影响。在没有金融加速器的经济中，弹性汇率下的最优货币政策优于固定汇率下的最优资本管制政策。相反，在有金融加速器的经济体中，固定汇率下的最优资本管制比灵活汇率下的最优货币政策产生更高的福利。（jele44, e52, f32, f38, f41）
We develop a small open economy, New Keynesian model that incorporates a financial accelerator in combination with liability dollarization. Applying a Ramsey‐type analysis, we compare the welfare implications of an optimal monetary policy under flexible exchange rates and an optimal capital control policy under fixed exchange rates. In an economy without the financial accelerator, an optimal monetary policy under flexible exchange rates is superior to an optimal capital control policy under fixed exchange rates. In contrast, in an economy with the financial accelerator, an optimal capital control under fixed exchange rates yields higher welfare than an optimal monetary policy under flexible exchange rates.(JELE44, E52, F32, F38, F41)