文章基本信息

标题：Monetary Policy Under Alterative Asset Market Structures: the Case of a Small Open Economy
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作者：Bianca De Paoli
期刊名称：CEP Discussion Paper
出版年度：2009
卷号：2009
期号：apr
出版社：Centre for Economic Performance
摘要：Can the structure of asset markets change the way monetary policy should be conducted? Recent literature has emphasized that welfare in an open economy can be affected by a terms of trade externality. Following a linear-quadratic approach, this paper investigates how the implications of this externality for monetary policy changes with the structure of asset markets. Our results reveal that this configuration 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.
关键词：Welfare, Optimal Monetary Policy, Asset Markets, Small Open Economy