汇率失调与外部失衡：最佳货币政策应对是什么？

Exchange Rate Misalignment and External Imbalances: Whatis the Optimal Monetary Policy Response?

作者：

吉安卡洛·科塞蒂（Giancarlo Corsetti）

卢卡·德多拉（Luca Dedola）

西尔文·莱杜克（Sylvain Leduc）

How should monetary policy respond to capital inflows that appreciate the currency,widen the current account deficit and cause domestic overheating? Using the workhorseopen-macro monetary model, we derive a quadratic approximation of the utility-based globalloss function in incomplete market economies, solve for the optimal targeting rules undercooperation and characterize the constrained-optimal allocation. The answer is sharp: theoptimal monetary stance is contractionary if the exchange rate pass-through (ERPT) onimport prices is incomplete, expansionary if ERPT is complete–implying that misalignmentand exchange rate volatility are higher in economies where incomplete pass through containsthe e§ects of exchange rates on price competitiveness.
货币政策应如何应对使货币升值，扩大经常账户赤字并引起国内过热的资本流入？使用主力开放宏货币模型，我们得出了不完全市场经济中基于效用的全球损失函数的二次逼近，解决了合作下的最优目标规则并刻画了约束最优分配的特征。答案很明确：如果对进口价格的汇率直通（ERPT）不完整，则最佳货币立场是收缩性的；如果ERPT完成，则最优货币立场是扩张性的–这意味着在汇率不完全包含汇率变动的经济体中，失调和汇率波动性较高。汇率对价格竞争力的影响。