不完全汇率传递下的货币政策工具规则分析  

Incomplete Exchange Rate Pass-Through and Monetary Policy Instrument Rule

作　　者：金山[1] 汪前元[1] 

机构地区：[1]广东金融学院华南金融研究所,广东广州510521

出　　处：《财经论丛》2012年第1期55-61,共7页Collected Essays on Finance and Economics

基　　金：广东省哲学社会科学"十一五"规划基金资助项目(GD10XY304)

摘　　要：本文尝试构建一个开放条件下的总供给-总需求模型,通过名义进口价格刚性在模型中引入汇率传递因素。模型对各种货币政策工具规则下社会福利损失函数进行比较,考察在不同的汇率传递程度下的各种货币政策工具规则。研究结果显示,社会福利水平随着汇率传递程度下降而提高;货币政策工具规则对消费者物价指数(CPI)上涨作出反应一定程度上优于对国内制造商品价格上涨作出反应,制定的货币政策工具规则应该以CPI为目标,以使社会福利损失最小。The paper attempts to construct an open economy aggregate supply- - aggregate demand model, which adjusts for short- run incomplete exchange rate pass - through by nominal import price rigidity. The model investigates the performance of various monetary policy rules with different incomplete exchange rate pass - through by comparing social loss function. The paper findings are as follows： social welfare improves with decline of exchange rate pass - through. A monetary policy instrument rule responding to CPI inflation does better in social welfare terms than the rule based on domestic inflation does.

关 键 词：货币政策工具规则 名义汇率 不完全传递 社会福利损失函数 

分 类 号：F830.73[经济管理—金融学]