资本流动、货币政策与通货膨胀动态  

Capital Flow,Monetary Policy and Inflation Dynamics

作　　者：黄志刚[1] 

机构地区：[1]中央财经大学金融学院

出　　处：《经济学（季刊）》2010年第3期1331-1358,共28页China Economic Quarterly

摘　　要：本文建立了一个汇率对资本流动具有有限弹性的新开放宏观经济学模型。考虑到资本流动对供给面的影响，浮动汇率制度不再能完全隔离国外冲击，但是资本开放确实有助于降低国内冲击带来的经济波动。这为全球“大温和”提供了另一种解释。另外，本文的分析发现，一定程度的汇率干预在稳定国内冲击产生的经济波动方面比浮动汇率更优。We consider a new open economy maeroeconomic model with finite elasticity of capital flow with respect to exchange rate. We argue that the floating exchange rate regime can no longer barricade the foreign shocks in our model. Liberalization of the capital market, however, can reduce the output volatility induced by domestic shocks. This result provides an alternative explanation for ＂the Great Moderation＂. In addition, we find that moderate inter- vention on the exchange rate appears to be a better management tool than the floating ex- change rate to stabilize the economy.

关 键 词：资本流动 TAYLOR规则 有管理的浮动汇率制度 通货膨胀动态 

分 类 号：F224[经济管理—国民经济] F820F820.5