小型开放经济环境下的最优货币政策设计

在经典的小型开放经济框架内,植入一个现金预留(CIA)模型,研究多重冲击下小型开放经济的最优货币政策设计问题,结果显示:汇率波动、货币流通速度冲击、财政冲击以及家庭消费冲击等通过成本渠道对物价和产出产生了直接影响。因此,在为小型开放经济体制定货币政策时,货币当局应充分考虑这些因素,使货币政策调控不仅对产出和通货膨胀的波动做出反应,而且对汇率波动和上述冲击也应做出适当的调整。此外,为营造有利的货币政策实施环境,外汇市场应实行有管理的浮动汇率制度。

The Design of Optimal Monetary Policy for a Small Open Economy

The paper studies the design of optimal monetary policy for a small open economy by implanting cash in advance (CIA) model into the framework of a small open economy. The result shows that the central bank should pay close attention to the impact of shock of the velocity of money, fiscal expenditure and household consumption expenditure, and adjust nominal interest rate in response to the change of output and inflation and the change of exchange rate in line with the effective implementation of interest rate regulation. A managed floating exchange rate system should be formed on the foreign exchange market.