中文摘要
经验证据表明，大多数国际价格以美元计价具有粘性。本文在包含一般偏好、技术、资产市场、名义刚性以及丰富冲击集的开放经济模型框架下，研究了这一事实的政策含义。我们表明，尽管货币政策效率较低且无法实现弹性价格配置，但通胀目标制和浮动汇率在非美国经济体中依然稳健最优。资本管制无法单方面改善配置，只有在跨国协调时才有用。国际合作惠及其他经济体，但不符合美国的自身利益。（JEL E31, E52, F14, F31, F38, F41）
Abstract
Empirical evidence shows that most international prices are sticky in dollars. This paper studies the policy implications of this fact in the context of an open economy model with general preferences, technologies, asset markets, nominal rigidities, and a rich set of shocks. We show that although monetary policy is less efficient and cannot implement the flexible-price allocation, inflation targeting and a floating exchange rate remain robustly optimal in non-US economies. The capital controls cannot unilaterally improve the allocation and are useful only when coordinated across countries. International cooperation benefits other economies, but is not in the self-interest of the United States. (JEL E31, E52, F14, F31, F38, F41)