Robust Monetary Policy in a Small Open Economy
Robust Monetary Policy in a Small Open Economy
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小型开放经济体中的稳健货币政策
DOI：
10.2139/ssrn.727703
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Ulf Söderström
中科院分区：
文献类型：
--
作者：
Kai Leitemo;Ulf Söderström
本文研究了中央银行对模型错误指定的稳健性的偏好如何影响小型开放经济的新凯恩斯主义模型中的货币政策设计。由于模型结构简单，我们能够解析求解最优稳健政策规则，并分别分析稳健性对通货膨胀、产出和汇率确定的错误指定的影响。我们表明，央行对稳健性的偏好增强，使得货币政策对冲击的反应更加积极或更谨慎，具体取决于冲击的类型和错误配置的来源。
This paper studies how a central bank’s preference for robustness against model misspecification affects the design of monetary policy in a New-Keynesian model of a small open economy. Due to the simple model structure, we are able to solve analytically for the optimal robust policy rule, and we separately analyze the effects of robustness against misspecification concerning the determination of inflation, output and the exchange rate. We show that an increased central bank preference for robustness makes monetary policy respond more aggressively or more cautiously to shocks, depending on the type of shock and the source of misspecification.