Evaluating New‐Keynesian Models of a Small Open Economy*
提出一种评估小型开放经济体新凯恩斯模型的方法，以加拿大为例，比较模型与结构VAR的脉冲响应和方差分解，发现美国冲击对加拿大变量影响大，但汇率作用小，且加拿大货币政策不符合泰勒规则。
Abstract We suggest a strategy to evaluate members of a class of New‐Keynesian models of a small open economy. As an example, we estimate a modified version of the model in Svensson [ Journal of International Economics (2000) Vol. 50, pp. 155–183] and compare its impulse response and variance decomposition functions with those a structural vector autoregression (VAR) model. The focus is on responses to foreign rather than to domestic shocks, which facilitates identification. Some results are that US shocks account for large shares of the variance of Canadian variables, that little of this influence is due to real exchange rate movements, and that Canadian monetary policy is not adequately described by a Taylor rule.