Monetary Policy under Alternative Asset Market Structures: The Case of a Small Open Economy
在新凯恩斯小型开放经济框架下，研究资产市场结构如何影响最优货币政策及标准政策规则的表现，发现完全市场与不完全市场下的政策规则排序完全相反。
Can the structure of asset markets change the way monetary policy should be conducted? Following a linear‐quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our results reveal that the configuration of asset markets significantly affects optimal monetary policy and the performance of standard policy rules. In particular, when comparing complete and incomplete markets, the ranking of policy rules is entirely reversed, and so are the policy prescriptions regarding the optimal level of exchange rate volatility.