The macroeconomic effects of monetary and fiscal policy in a small open economy: Does the exchange rate regime matter?

Reginald Darius

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The macroeconomic effects of monetary and fiscal policy in a small open economy: Does the exchange rate regime matter?

机译：小型开放经济体中货币和财政政策的宏观经济影响：汇率制度重要吗？

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This paper develops a small open economy model in the spirit of Obstfeld and Rogoff (1995). The introduction of endogenous traded sector output unlocks current account and real exchange rate effects. Within this framework where specific consideration is given to the case with fixed but adjustable parities, exchange rate devaluation generates similar qualitative effects as a money supply expansion under floating rates. Output and external effects of government spending shocks are broadly consistent with the adjusted basic non-micro founded Mundell and Fleming (MF) framework, but differ in significant ways from the baseline MF model. Contrary to the textbook MF model a government expen-diture shock depreciates the nominal exchange rate and generates real effects under the fixed rate system.

机译：本文本着Obstfeld and Rogoff（1995）的精神发展了一个小型的开放经济模型。引入内生贸易部门产出可释放经常账户和实际汇率的影响。在此框架内，特别考虑了固定但可调整的比价，汇率贬值产生了与浮动汇率下的货币供应量扩张类似的定性影响。政府支出冲击的输出和外部影响与调整后的基本非微观基础上的蒙代尔和弗莱明（MF）框架基本一致，但与基线MF模型有很大不同。与教科书MF模型相反，政府支出冲击使名义汇率贬值，并在固定汇率制度下产生实际影响。

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来源
《Journal of International Money and Finance》 |2010年第8期|p.1508-1528|共21页
作者
Reginald Darius;
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作者单位

IMF 700 19th Street, Washington DC 20431, USA;

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原文格式 PDF
正文语种 eng
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关键词
new open-economy macroeconomics; exchange rates; nominal rigidity; trade balance;

机译：新的开放经济宏观经济学;汇率;名义刚性贸易平衡;

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7. Exchange Rate Pass-Through in Transition Economies: The Case of the Republic of Macedonia Abstract: This paper investigates the relative costs and benefits associated with introducing a different exchange rate regime in the Republic of Macedonia. In this finding, all econometrics results, using different methodologies (SVAR and VECM), show that introducing a different strategy of the exchange rate targeting in order to promote rapid economic growth could easy disturb macroeconomic stability (after having achieved it at a substantial cost) without any significant economic benefits. In the long term, the coefficient of exchange rate reveals that a one percent change in the exchange rate will generate an increase in the prices level of 0.52 percent, indicating that 52 percent of changes in the exchange rate feed into the prices level. The investigation suggests that introducing a different strategy of the exchange rate regime is likely to incur more costs than benefits. [O] . Besnik Fetai 100

机译：转型经济体的汇率传递：马其顿共和国案例摘要：本文研究了在马其顿共和国引入不同汇率制度所带来的相对成本和收益。在这一发现中，使用不同方法（sVaR和VECm）的所有计量经济学结果表明，引入不同的汇率目标战略以促进经济的快速增长可能容易扰乱宏观经济稳定性（在以相当大的成本实现后）没有任何重大的经济利益。从长期来看，汇率系数表明，汇率的百分之一变化将使价格水平上升0.52％，表明汇率变化的52％会进入价格水平。调查表明，引入不同的汇率制度策略可能会带来更多的成本而不是收益。

The macroeconomic effects of monetary and fiscal policy in a small open economy: Does the exchange rate regime matter?

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