Monetary Policy Rules for Financially Vulnerable Economies
Monetary Policy Rules for Financially Vulnerable Economies
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针对金融脆弱经济体的货币政策规则
DOI：
10.2139/ssrn.283496
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发表时间：
2003
期刊：
影响因子：
--
通讯作者：
Diego Winkelried
中科院分区：
文献类型：
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作者：
E. Morón;Diego Winkelried
新兴市场经济体的一个显著特点是，它们的财政并不稳健。这些经济体无法消除巨大的外部冲击，因为突然的资本外流意味着真实的汇率会出现巨大而突然的波动。本文使用一个小型开放经济模型，考察了不同债务美元化程度的经济体的替代货币政策规则。本文回答了在高负债美元化条件下使用通货膨胀目标制的效率问题。我们的研究结果表明，在金融脆弱的经济体中，遵循捍卫真实的汇率的非线性政策规则可能是最优的。
One distinguishable characteristic of emerging market economies is that they are not financially robust. These economies are incapable of smoothing out large external shocks, as sudden capital outflows imply large and abrupt swings in the real exchange rate. Using a small open-economy model, this paper examines alternative monetary policy rules for economies with different degrees of liability dollarization. The paper answers the question of how efficient it is to use inflation targeting under high liability dollarization. Our findings suggest that it might be optimal to follow a nonlinear policy rule that defends the real exchange rate in a financially vulnerable economy.