Monetary Policy under Alternative Asset Market Structures: The Case of a Small Open Economy

被引：42
|
作者：
De Paoli, Bianca [1 ]
机构：
[1] Bank England, London, England
来源：
JOURNAL OF MONEY CREDIT AND BANKING | 2009年 / 41卷 / 07期
基金：
英国经济与社会研究理事会;
关键词：
E52; E61; F41; G15; welfare; optimal monetary policy; asset markets; small open economy; INCOMPLETE PASS-THROUGH; MACROECONOMIC INTERDEPENDENCE; TARGETING RULES; PRICE STABILITY; WELFARE; GAINS; TRADE; MODEL;
D O I：
10.1111/j.1538-4616.2009.00257.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Can the structure of asset markets change the way monetary policy should be conducted ? Following a linear-quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our results reveal that the configuration of asset markets significantly affects optimal monetary policy and the performance of standard policy rules. In particular, when comparing complete and incomplete markets, the ranking of policy rules is entirely reversed, and so are the policy prescriptions regarding the optimal level of exchange rate volatility.
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页码：1301 / 1330
页数：30
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