Open-economy macroeconomics with financial frictions: A simple model with flexible exchange rates
构建了一个包含银行、金融摩擦和灵活汇率的简单宏观经济模型，研究财政、货币和宏观审慎政策组合如何应对国内外冲击，并分析了政策分配取决于冲击类型、可用工具和金融摩擦强度。
A simple macroeconomic model with banking, financial frictions, and flexible exchange rates is used to study the performance of fiscal, monetary and macroprudential policy combinations in response to domestic and external shocks. After characterizing the transmission process of each instrument, a diagrammatic analysis of how these policies should be used, either individually or jointly, to promote economic and financial stability, is provided. The analysis shows that whether a policy should be assigned to internal or external balance, and whether it should be contractionary or expansionary, depends not only on the nature of the shocks impinging on the economy but also on the range of tools available to policymakers and the strength of financial frictions. In particular, in response to an external financial shock, monetary policy should be assigned to external balance, and fiscal policy or macroprudential regulation to internal balance. These two policies are substitutes when used in combination with monetary policy.