资本流动、货币政策与通货膨胀动态

本文建立了一个汇率对资本流动具有有限弹性的新开放宏观经济学模型.考虑到资本流动对供给面的影响,浮动汇率制度不再能完全隔离国外冲击,但是资本开放确实有助于降低国内冲击带来的经济波动.这为全球大温和提供了另一种解释.另外,本文的分析发现,一定程度的汇率干预在稳定国内冲击产生的经济波动方面比浮动汇率更优.

Capital Flow,Monetary Policy and Inflation Dynamics

We consider a new open economy macroeconomic model with finite elasticity of capital flow with respect to exchange rate.We argue that the floating exchange rate regime can no longer barricade the foreign shocks in our model.Liberalization of the capital market,however,can reduce the output volatility induced by domestic shocks.This result provides an alternative explanation for the Great Moderation.In addition,we find that moderate intervention on the exchange rate appears to be a better management tool tha...