Integrated Monetary and Financial Policies for Small Open Economies
为小型开放经济体构建了一个分析框架，研究如何有效组合货币政策利率、外汇干预、资本管制和国内宏观审慎措施，发现外汇干预和资本流入税在某些情况下优于传统政策，而资本管制在外部冲击引发国内住房市场压力时可能优于国内宏观审慎措施。
We develop a tractable small‐open‐economy framework to characterize the constrained efficient use of the monetary policy rate, foreign exchange (FX) intervention, capital controls, and domestic macroprudential measures. The model features dominant currency pricing, positive premia on local currency debt arising from financiers' portfolio constraints, and occasionally‐binding external and domestic borrowing constraints. We characterize the conditions under which the traditional prescription—relying solely on the policy rate and exchange rate flexibility—remains sufficient, even in the presence of externalities. By contrast, to manage noise trader flows into and out of the local currency debt market, FX intervention and in some cases capital inflow taxes should be used instead of the traditional prescription. Moreover, if a country faces a mix of local currency premia and external borrowing constraints, we establish that certain regulations to limit FX mismatch may alleviate the external borrowing constraint but exacerbate the local currency premia. Finally, we show that capital controls may dominate domestic macroprudential measures in cases when external shocks trigger stress in domestic housing markets.