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작성일
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2023.03.24
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수정일
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2023.03.24
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작성자
임현지
- 조회수
- 192
2023년 제3차 산업경제연구소 세미나 (3/31(금) 한원태 박사)
안녕하세요.
산업경제연구소에서 2023년 제3차 세미나 일정을 안내드립니다.
관심 있는 분들의 많은 참석 바랍니다.
일시 : 3/31(금) 오전 11시
장소 : 9호관 210호 경제학과 세미나실
대외경제정책연구원 한원태 박사
발표 제목: Incomplete Exchange Rate Pass-Through, Imperfect Financial Market Integration and Optimal Monetary Policy
초록: How do incomplete exchange rate pass-through and imperfect financial market integration affect the goal and the effectiveness of optimal monetary policy? We augment a standard monetary open economy model by incorporating both heterogeneity among exporters in their currency invoicing and capital controls, and generalize the global loss function in Corsetti et al. (2020) to the economy in which producers of producer currency pricing (PCP) and local currency pricing (LCP) coexist. Our global loss function suggests that cooperative policymakers should concern price dispersion among imported goods which are invoiced in different currencies because exchange rate fluctuations disperse their retail prices under nominal rigidities. We characterize optimal targeting rules under special parameter values and show that the policy stance is independent of the degree of cross-country risk sharing in the regime of LCP. By contrast, in the regime of PCP, the targeting rule implies that PPI inflation should respond more to external target and less to output gap as the cross-country financial integration deteriorates under the trade elasticity greater than unity. Our numerical analysis reveals that the nature of shocks, the degree of exchange rate pass-through, and the degree of financial market integration jointly determine which measure of inflation (CPI vs. PPI) should be targeted by policymakers.
발표논문 본문을 첨부하였으니 참고하시기 바랍니다.
많은 참여 부탁드립니다. 감사합니다.