不完全汇率传递与最优货币政策  

Incomplete Exchange Rate Pass-Through and Optimal Monetary Policy

作　　者：王胜[1] 郭汝飞 

机构地区：[1]武汉大学经济与管理学院,武汉大学高级研究中心 [2]武汉大学经济与管理学院

出　　处：《经济研究》2012年第S2期131-143,共13页Economic Research Journal

基　　金：国家自然科学基金面上项目(项目编号:71273200);国家自然科学基金面上项目(项目编号:71173160)资助;武汉大学"70后"创新团队专项资金资助

摘　　要：本文拓展了开放经济中的货币政策模型,重点分析了不完全汇率传递情况下的最优货币政策问题。研究表明,最优货币政策不仅取决于汇率传递的程度,而且还受到经济开放度、货币需求弹性等因素的影响。随着汇率传递程度的增加,最优货币政策对国内生产冲击的反应逐渐增强,汇率的波动幅度也逐渐加大。不完全汇率传递决定了两国相对价格对一价法则的偏离程度,因此福利损失随着汇率传递程度的增加而减少。通过对比分析纳什均衡和合作均衡的情况,我们发现与PCP、LCP的不同之处是,合作均衡能在汇率不完全传递时改善两国的福利水平。This paper develops a welfare-based model of monetary policy in an open economy. We examine the optimal monetary policy under incomplete exchange rate pass-through, focusing on the effect of degree of pass-through on transmission mechanisms for monetary policy. We find the optimal monetary policy depends on the degree of pass-through, the openness of the economy and the elasticity of money demand. As the degree of pass-through increases, the response of home optimal monetary policy to home productivity shocks goes up gradually and the volatility of exchange rate rises. Incomplete pass-through can't ensure the relative price of two countries equal their values in the flexible price equilibrium, so the welfare loss will decrease with the increasing degree of pass-through. Through comparing Nash and cooperation equilibrium we find welfare may be improving in cooperation equilibrium under incomplete pass-through that is different from the PCP or LCP case.

关 键 词：不完全汇率传递 最优货币政策 福利效应 

分 类 号：F224[经济管理—国民经济] F832.6F822.0