期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2004
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：Following from Woodford’s derivation of a benevolent monetary policy maker’s objective
function from agents utility, a number of papers have suggested that policy in an open
economy should have the same objectives as in a closed economy, and in particular that the
exchange rate should play no role. We show that this conclusion is not robust to the presence
of any shocks to International Risk Sharing. When such shocks are important, the exchange
rate appears alongside output and inflation in the social welfare function. However the form
of this target is rather different from that used by a number of authors.
