Should inflation-targeting central banks respond to exchange rate movements?

被引：13

作者：

Pavasuthipaisit, Robert ^{[1
]}

机构：

[1] Univ N Florida, Dept Econ, Jacksonville, FL 32224 USA

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2010年 / 29卷 / 03期

关键词：

Inflation targeting; Optimal policy under commitment; Exchange-rate pass-through; Open-economy DSGE; Imperfect information; Kalman filter; MONETARY-POLICY RULES; OPEN-ECONOMY; MODEL;

D O I：

10.1016/j.jimonfin.2009.06.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines whether it: is optimal for inflation-targeting central banks to respond to exchange-rate movements. The paper finds that exchange-rate movements can provide a signal on the developments in the economy that the central bank cannot perfectly observe. The results suggest that when the degrees of exchange-rate pass-through and international financial integration are high, it is optimal for the central bank to pay more attentions to exchange-rate movements. These results however depend on two conditions: 1) the ability of the central bank to observe the true exchange-rate process and 2) the number of real frictions in the model economy. (C) 2009 Elsevier Ltd. All rights reserved.

引用

页码：460 / 485

页数：26

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