Monetary Policy, Determinacy, and Learnability in a Two‐Block World Economy
在一个简单的两国新凯恩斯框架下，研究固定和浮动汇率下货币政策如何影响全球理性预期均衡的确定性和可学习性，发现开放经济会改变封闭经济的结论，并引发对汇率目标与政策合作的新思考。
We study how determinacy and learnability of worldwide rational expectations equilibrium may be affected by monetary policy in a simple, two‐country, New Keynesian framework under both fixed and flexible exchange rates. We find that open economy considerations may alter conditions for determinacy and learnability relative to closed economy analyses and that new concerns can arise in the analysis of classic topics such as the desirability of exchange rate targeting and monetary policy cooperation.