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来源类型Working Paper
规范类型报告
DOI10.3386/w20545
来源IDWorking Paper 20545
Monetary Policy in Open Economies: Practical Perspectives for Pragmatic Central Bankers
Richard Clarida
发表日期2014-10-06
出版年2014
语种英语
摘要This paper reviews and interprets some of the key policy implications that flow from a class of DSGE models for optimal monetary policy in the open economy. The framework suggests that good macroeconomic outcomes in open economies are possible by focusing inflation targeting that is implemented by a Taylor type rule, a rule that in equilibrium is reflected in the exchange rate as an asset price. Optimal monetary policy will not be able deliver a stationary ('stable') nominal exchange rate - let alone a fixed exchange rate or one that remains inside a target zone ‐ because, absent a commitment device, optimal monetary can't deliver a stationary domestic price level. Another feature in the data for inflation targeting countries that is consistent with monetary policy via Taylor type rule is that it will tend push the nominal exchange rate in the opposite direction from PPP in response to an 'inflation' shock - the 'bad news god news' result of Clarida -Waldman (2008;2014). This is so even though in the long run of these models the nominal exchange rate must in expectation obey PPP.
主题Macroeconomics ; Monetary Policy ; International Economics ; International Finance
URLhttps://www.nber.org/papers/w20545
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/578219
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GB/T 7714
Richard Clarida. Monetary Policy in Open Economies: Practical Perspectives for Pragmatic Central Bankers. 2014.
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