Currency Misalignments and Optimal Monetary Policy: A Reexamination
在一个两国开放经济模型中，考虑市场定价下的粘性价格，发现汇率失调会降低全球福利，最优政策应同时瞄准消费者物价通胀、产出缺口和汇率失调。
This paper examines optimal monetary policy in an open-economy two-country world with sticky prices under pricing to market. We show that currency misalignments are inefficient and lower world welfare. We find that optimal policy must target consumer price inflation, the output gap, and the currency misalignment. The paper derives the loss function of a cooperative monetary policymaker and the optimal targeting rules. The model is a modified version of Clarida, Galí, and Gertler (JME, 2002). The key change is that we allow pricing to market or local-currency pricing and consider the policy implications of currency misalignments.