Notes on the Underground: Monetary Policy in Resource‐Rich Economies
研究商品出口型小型开放经济中，央行面临国内通胀与产出缺口权衡，商品部门引入成本推动冲击，最优货币政策应在油价下跌时降息，而稳定消费者价格通胀的央行则会加息。
Abstract The central bank of a commodity‐exporting small open economy faces the traditional trade‐off between domestic inflation and output gap. The commodity sector introduces a terms‐of‐trade inefficiency that gives rise to an endogenous cost‐push shock, changes the target level for output, reduces the slope of the Phillips curve, and increases the importance of stabilizing the output gap. Optimal monetary policy calls for a reduction of the interest rate following a drop in the oil price. In contrast, a central bank with a mandate to stabilize consumer price inflation raises interest rates to limit the inflationary impact of an exchange rate depreciation.