新兴市场的外汇政策与国内通胀

IF 3.3 2区 经济学 Q2 BUSINESS, FINANCE
Marco Flaccadoro, Valerio Nispi Landi
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引用次数: 0

摘要

我们建立了一个以货币定价为主导的小型开放经济体的新凯恩斯模型,以研究国内通胀对美国利率上升的反应。我们表明,通胀反应的迹象在很大程度上取决于货币政策机制:在美国收紧货币政策后,实行钉住汇率制的国家通胀下降;在实行灵活汇率的国家,通货膨胀率会上升,除非该国遵循严格的通胀目标:在后一种情况下,通胀几乎没有变化。这些结果与使用当地预测方法的新兴经济体样本的经验证据一致。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Foreign monetary policy and domestic inflation in emerging markets
We set up a New Keynesian model for a small open economy with dominant currency pricing, to study the response of domestic inflation to an increase in the US interest rate. We show that the sign of the inflation response crucially depends on the monetary policy regime: after a US monetary tightening, inflation decreases in countries with an exchange rate peg; it increases in countries with a flexible exchange rate, unless the country follows a strict inflation targeting: in this latter case, inflation barely moves. These results are consistent with empirical evidence in a sample of emerging economies, using local projection methods.
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来源期刊
CiteScore
4.20
自引率
4.00%
发文量
141
期刊介绍: Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.
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