Monetary Policy and Exchange Rate Volatility in a Small Open Economy
构建了一个小型开放经济的Calvo粘性价格模型，分析国内通胀泰勒规则、CPI泰勒规则和汇率盯住三种政策对汇率波动的影响，并讨论国内通胀目标制作为最优政策的情形。
We lay out a small open economy version of the Calvo sticky price model, and show how the equilibrium dynamics can be reduced to a simple representation in domestic inflation and the output gap. We use the resulting framework to analyse the macroeconomic implications of three alternative rule-based policy regimes for the small open economy: domestic inflation and CPI-based Taylor rules, and an exchange rate peg. We show that a key difference among these regimes lies in the relative amount of exchange rate volatility that they entail. We also discuss a special case for which domestic inflation targeting constitutes the optimal policy, and where a simple second order approximation to the utility of the representative consumer can be derived and used to evaluate the welfare losses associated with the suboptimal rules. Copyright 2005, Wiley-Blackwell.