Aggregate Dynamics after a Shock to Monetary Policy in Developing Countries
研究了通货膨胀目标制下发展中国家货币政策冲击的影响，发现价格调整快，对产出的影响比发达国家更短暂，并用一个包含交错工资设定和不完全金融市场的模型解释了这一现象。
This paper investigates the effects from a shock to monetary policy in developing economies under an inflationtargeting regime. We find that price adjustment is fast in these economies, causing the monetary policy shock to have less persistent effects on output compared with those in advanced economies. We show that a small open-economy model featuring staggered wage setting with incomplete financial markets is largely able to explain our findings.