Exchange Rate Stabilization and Welfare
综述了简单开放经济模型中最优货币政策的最新文献，指出由于定价到市场、金融市场不完全以及各国居民偏好差异，政策制定者除了稳定通胀和产出缺口外，还可能瞄准汇率失调和全球失衡，并可能直接或间接地干预汇率。
This article considers recent literature on optimal monetary policy in simple open-economy models. The presence of pricing to market, incomplete financial markets, and differences in preferences among households (in different countries) introduces some fundamental differences between closed- and open-economy New Keynesian models. In addition to the goals of stabilizing inflation and the output gap, policy makers may target currency misalignments and global imbalances. Optimal policies may involve targeting the exchange rate both directly, because of currency misalignments, and indirectly, because of the effects of exchange rates on imbalances, inflation, and output gaps.