Stabilization Policy and the Costs of Dollarization
比较了美元化经济与多种货币政策规则（如利率反馈、通胀目标、货币增长规则）下的经济周期福利成本，基于墨西哥数据校准的模型显示，美元化是最不成功的政策，居民愿放弃超过2%的稳态消费来避免它。
This paper compares the welfare costs of business cycles in a dollarized economy to those associated with several alternative monetary regimes belonging to three broad families: interest-rate feedback rules, inflation targeting, and money growth rate rules. The analysis is conducted within an optimizing model of a small open economy with sticky prices. The model is calibrated to the Mexican economy and is driven by 3external shocks: terms of trade, world interest rate, and import-price inflation. We show econometrically that these shocks explain more than 75% of the observed forecasting error variance of Mexican output and the Mexican real exchange rate at 4- to 16-quarter horizons. The welfare comparisons suggest that dollarization is the least successful of the monetary policy rules considered: agents are willing to give up more than 2% of their non-stochastic steady-state consumption to see a policy other than dollarization implemented.