A dual-target monetary policy rule for open economies: an application to France

被引：0

作者：

Hueng, C. James ^{[1
]}

Yau, Ruey ^{[2
]}

机构：

[1] Western Michigan Univ, Dept Econ, Kalamazoo, MI 49008 USA

[2] Natl Cent Univ, Dept Econ, Tao Yuan 32001, Taiwan

来源：

APPLIED ECONOMICS LETTERS | 2008年 / 15卷 / 12期

关键词：

D O I：

10.1080/13504850600972220

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article proposes a dual targets monetary policy rule for small open economies. In addition to a domestic monetary target, this rule targets the nominal exchange rate at a fixed level. The policy rule is derived from a dynamic programming problem and evaluated in the context of an open-economy model. Using French quarterly data from April 1977 to March 1998, counterfactual simulations show that the dual targets rule performs better than both the historical discretionary policy and the single money-targeting rule in reducing the inflation rates.

引用

页码：945 / 948

页数：4