Monetary Policy and the Balance of Payments in Brazil and Chile: Comment
评论了Miller和Askin关于巴西和智利货币政策的研究，通过重新估计模型发现这些国家影响货币供应的能力有限，而非完全控制。
In a recent article, Miller and Askin [ 1 ] (henceforth M & A) found that in Chile and Brazil only a relatively small portion of changes in the domestic component of the monetary base was offset through the balance of payments while the authorities completely sterilized the impact of payments imbalances on the monetary base. Their results suggest that the monetary authorities in these countries had almost complete control over the money supply, as long as they were able to finance a payments deficit. Here an alternative specification is estimated, its coefficivnts implying only a limited ability to influence the money supply. The model is basically the same as that of M & A. To take account of simultaneity between GNP and the monetary base, GNP is first estimated as a function of exports, government expenditure, the exchange rate E, and a time trend t. Fitted GNP Y is then used in the successive estimation of the following two equations: