Aggregate Information and the Role of Monetary Policy in an Open Economy
构建了一个小型开放经济模型，其中代理人拥有差异化信息，分析发现浮动汇率下货币政策可通过影响汇率的信息含量来改变实际产出的分布，而固定汇率下产出分布与具体规则无关，且浮动汇率在稳定实际产出方面更优。
A model of a small open economy in which agents trade in local goods markets and an economy-wide asset market is developed. Purchasing-power parity is assumed to hold at the aggregate level. However, because of local deviations from purchasing-power parity, agents possess differential information. Using this framework, it is shown that when the exchange rate is flexible monetary policy can influence the distribution of real output by altering the information content of the exchange rate. However, when monetary policy is committed to fixing the exchange rate (by a feedback rule) the distribution of real output is independent of the particular exchange rate rule chosen. The stability of real output under the two regimes is compared, and it is demonstrated that regardless of the stability of domestic monetary policy a flexible exchange rate regime is superior in this respect. Possible qualifications and extensions of these results are also discussed.