国际货币、汇率传递与货币政策

The International Money,Exchange Rate Pass-through and Monetary Policy

本文拓展了开放经济中的货币政策模型,在引入国际货币和不完全汇率传递的框架下重点考察了最优货币政策问题。研究表明最优货币政策不仅取决于国际货币的比重,而且还受到汇率传递程度、经济开放度、货币需求弹性等多种因素的影响。国际货币份额的下降和汇率传递程度的上升都能提高宏观政策调控的有效性,从而改善纳什均衡的福利水平;然而国际货币的存在和不完全汇率传递却可以为两国的货币政策合作提供更多的福利改进空间。

This paper develops a welfare-based model of monetary policy in an open economy. We examine the optimal monetary policy in the framework with international money and incomplete exchange rate pass-through. We find that the optimal monetary policy depends on the weight of international money, the degree of pass- through, the openness of the economy, and the elasticity of money demand. The welfare loss will go down with the increasing degree of pass-through and the decreasing weight of international money. However, international policy cooperation may improve the total welfare greatly with international money and incomplete exchange rate pass-through.