Policy Rules for Open Economies

This paper examines the choice of a monetary-policy rule in a simple macroeconomic model. In a closed economy, the optimal policy is a output and inflation. In an open economy, the optimal rule changes in two ways. First, the policy instrument is a Conditions Index the exchange rate. Second, on the

搜集汇总

背景与挑战

背景概述

该数据集对应Laurence Ball于1998年发表的NBER工作论文，研究开放经济中的货币政策规则选择。论文指出，开放经济下最优政策规则需将汇率纳入条件指数，并用长远通胀替代当前通胀以过滤汇率波动影响，同时警告纯通胀目标会导致汇率和产出大幅波动，而长远通胀目标能近似实现最优规则。