Monetary policy in an estimated open‐economy model with imperfect pass‐through
构建了一个小型开放经济结构模型，包含渐进汇率传递和内生惯性，利用瑞典数据估计模型，发现需要大且波动的外汇溢价才能解释实际汇率持续性和利率平价偏离。
Abstract We develop a structural model of a small open economy with gradual exchange rate pass‐through and endogenous inertia in inflation and output. We then estimate the model by matching the implied impulse responses with those obtained from a VAR model estimated on Swedish data. Although our model is highly stylized it captures very well the responses of output, domestic and imported inflation, the interest rate, and the real exchange rate. However, in order to account for the observed persistence in the real exchange rate and the large deviations from uncovered interest parity (UIP), we need a large and volatile premium on foreign exchange. Copyright © 2008 John Wiley & Sons, Ltd.