Monetary Policy Rules and the Exchange Rate
Monetary Policy Rules and the Exchange Rate
复制标题
货币政策规则和汇率
DOI：
10.2139/ssrn.231171
复制
发表时间：
2000
期刊：
影响因子：
--
通讯作者：
Pierpaolo Benigno
中科院分区：
文献类型：
--
作者：
Gianluca Benigno;Pierpaolo Benigno
在一个简单的两国一般均衡模型中，对备选货币政策制度进行了积极和规范的评估。汇率的行为，以及其他宏观经济变量的行为，在很大程度上取决于所选择的货币制度，尽管不一定取决于货币冲击。集中福利标准在围绕弹性价格分配稳定经济和减少名义利率的波动性之间提出了一种权衡。对汇率进行某种形式的控制是可取的。
A positive and normative evaluation of alternative monetary policy regimes is addressed in a simple two-country general equilibrium model. The behavior of the exchange rate, as well as of the other macroeconomic variables, depends crucially on the monetary regime chosen, though not necessarily on monetary shocks. The centralized welfare criterion presents a trade-off between stabilizing the economy around the flexible-price allocation and reducing the volatility of the nominal interest rates. Some form of control of the exchange rate is desirable.