开放经济中的货币政策

Monetary Policies in the Open Economy

本文在融入垄断竞争和名义刚性的两国动态一般均衡模型中,分析了定价方式和国际货币政策设计问题。在允许部分厂商采用不同于Calvo交错价格调整的后顾性定价法则的情况下,可以推导出关于短期产出缺口和通货膨胀之间的新的均衡关系,于是在开放经济的条件下就可以得到类似泰勒法则的最优利率政策。此时,最优利率的设定不仅受到国内通货膨胀、产出缺口的影响,而且还和国外产出波动的情况相关。最后,我们以中美两国的实际数据为样本对理论结论进行了实证检验。

By a two-country dynamic general equilibrium model that uses the theory of monopolistic competition and price rigidities, we have analyzed pricing modes and international monetary policies. With the assumption that allows for a fraction of firms that use a backward-looking rule to set prices, which differs from Calvo's price adjustment by alternation, we can derive a new short-run tradeoff between output deficiency and inflation and get the best interest rate policy rule similar to the Taylor rule in the open economy. Not only is the best interest rate setting impacted by domestic inflation and output gap, but also it is associated with output fluctuation abroad. Finally, with Chinese and American actual data as our samples, we have made a positive examination of our theory.