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A general equilibrium open economy model for emerging markets: Monetary policy with a dualistic labor market

机译：新兴市场的一般均衡开放经济模型：具有二元劳动力市场的货币政策

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摘要

An optimizing model of a small open emerging market economy (SOEME) with dualistic labor markets and two types of consumers, delivers a tractable model for monetary policy. Differences between the SOEME and the SOE are derived. Parameters depend on features of the labor market and on consumption inequality, and affect the natural interest rate, terms of trade and potential output. The supply curve turns out to be flatter and more volatile, with a larger number of shift factors, including policy-determined terms of trade. A simple basic version of the model is simulated in order to compare different policy targets in response to a cost shock. Flexible domestic inflation targeting gives the lowest volatility although there are trade-offs. Exchange rate volatility is relatively lower but still makes a major contribution to controlling inflation. Flexible CPI inflation targeting performs better when combined with some kind of managed floating. Inflation targeting has to be flexible. With more backward-looking behavior the policy response to a shock is reduced.
机译：具有二元劳动力市场和两种类型的消费者的小型开放式新兴市场经济（SOEME）的优化模型为货币政策提供了易于处理的模型。得出SOEME和SOE之间的差异。参数取决于劳动力市场的特征和消费不平等，并影响自然利率，贸易条件和潜在产出。供给曲线变得更平坦，更不稳定，带有更多的变动因素，包括政策确定的贸易条件。模拟了该模型的一个简单的基本版本，以便比较不同的政策目标以应对成本冲击。尽管存在一些取舍，但灵活的国内通胀目标可将波动性降至最低。汇率波动性相对较低，但仍对控制通货膨胀做出了重大贡献。与某些类型的有管理的浮动汇率结合使用时，灵活的CPI通胀目标的效果更好。通胀目标必须灵活。通过更多具有前瞻性的行为，政策对冲击的反应将减少。

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