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首页> 外文期刊>Journal of Macroeconomics >Should central banks react to exchange rate movements? An analysis of the robustness of simple policy rules under exchange rate uncertainty
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Should central banks react to exchange rate movements? An analysis of the robustness of simple policy rules under exchange rate uncertainty

机译：中央银行是否应对汇率变动作出反应？汇率不确定性下简单政策规则的稳健性分析

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摘要

This paper evaluates the performance of simple policy rules in an open economy. By introducing a high degree of exchange rate uncertainty we find that policy rules with an important feedback from movements in the real exchange rate are very robust touncertainty about the true exchange rate model. A closed economy rule performs badly in most exchange rate specifications. This is in contrast to the findings of many other studies. In our view, this result is due to the fact that these studies assume aknown and reliable relationship between the exchange rate and the interest rate.
机译：本文评估了开放经济中简单政策规则的绩效。通过引入高度的汇率不确定性，我们发现，具有来自实际汇率变动的重要反馈的政策规则对于真实汇率模型具有非常强的不确定性。封闭的经济规则在大多数汇率规格中表现不佳。这与许多其他研究的发现相反。我们认为，这一结果是由于以下事实：这些研究假设汇率和利率之间存在已知且可靠的关系。

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