On the Exchange Rate Stability and the Optimal Monetary Policies
建立小国开放经济模型，研究汇率稳定与最优货币政策的关系，发现汇率波动对宏观经济的影响取决于政府选择的制度，最优货币政策面临国内外市场的两难选择。
This paper establishes a small open economy model to study the relationships between the exchange rate stability and the optimal monetary policies.The study shows that the relation between the volatility of exchange rate and macro economy depends on the regime that government chooses.The managed floating exchange rate exerts a significant influence on the international equilibrium,and the government can use the policy with the low interest rate to attain the higher output and low inflation,which can not shock the domestic monetary policy.The optimal monetary policy confronts with dilemma between domestic and foreign markets.Also,the results show that optimal monetary policy has no constraint from international equilibrium,when the exchange rate faces depreciating or appreciating.