Optimal Policy under Dollar Pricing
基于国际价格以美元定价的实证事实，在一个开放经济模型中分析货币政策、汇率制度和资本管制的福利效果，发现非美国经济体最优政策仍是通胀目标加浮动汇率，而资本管制仅在跨国协调时有效。
Empirical evidence shows that most international prices are sticky in dollars. This paper studies the policy implications of this fact in the context of an open economy model with general preferences, technologies, asset markets, nominal rigidities, and a rich set of shocks. We show that although monetary policy is less efficient and cannot implement the flexible-price allocation, inflation targeting and a floating exchange rate remain robustly optimal in non-US economies. The capital controls cannot unilaterally improve the allocation and are useful only when coordinated across countries. International cooperation benefits other economies, but is not in the self-interest of the United States.