Policy Rules for Open Economies
Policy Rules for Open Economies
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DOI：
10.3386/w6760
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发表时间：
1998-10
期刊：
影响因子：
--
通讯作者：
Laurence Ball
中科院分区：
文献类型：
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作者：
Laurence Ball
本文考察了在一个简单的宏观经济模型中货币政策规则的选择。在封闭经济中，最优政策是产出和通货膨胀。在开放经济中，最优规则会以两种方式发生变化。首先，政策工具是汇率的条件指数。其次，在规则的右边，通货膨胀被过滤掉汇率变动的短暂影响所取代。该模型还暗示，在开放经济中，纯粹的通胀目标制是危险的，因为它会造成汇率和产出的大幅波动。以长期通胀为目标避免了这一问题，并产生了接近最优工具规则的结果。
This paper examines the choice of a monetary-policy rule in a simple macroeconomic model. In a closed economy, the optimal policy is a output and inflation. In an open economy, the optimal rule changes in two ways. First, the policy instrument is a Conditions Index the exchange rate. Second, on the right side of the rule, inflation is replaced by filters out the transitory effects of exchange-rate movements. The model also implies that pure inflation targeting is dangerous in an open economy, because it creates large fluctuations in exchange rates and output. Targeting long-run inflation avoids this problem and produces a close approximation to the optimal instrument rule.