Exchange Rates and Monetary Policy in Emerging Market Economies
比较了新兴市场经济体面对外部利率和贸易条件冲击时的不同货币政策规则，发现汇率传导程度是关键因素：高传导时稳定汇率会带来实际与通胀稳定间的权衡，最优规则是稳定非贸易品价格；延迟传导时权衡消失，最优规则是稳定CPI。
We compare alternative monetary policies for an emerging market economy that experiences external shocks to interest rates and the terms of trade. Financial frictions magnify volatility but do not affect the ranking of alternative policy rules. In contrast, the degree of exchange rate pass-through is critical for the assessment of monetary rules. With high pass-through, stabilising the exchange rate involves a trade-off between real stability and inflation stability and the best monetary policy rule is to stabilise non-traded goods prices. With delayed pass-through, the trade-off disappears and the best monetary policy rule is CPI price stability. Copyright 2006 Royal Economic Society.