Monetary policy and noise traders: A welfare analysis
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- 作者：Jong Kook Shin1 ; a ; jong.shin@newcastle.ac.uk" class="auth_mail" title="E-mail the corresponding author ; Chetan Subramanian ; b ; chetan.s@iimb.ernet.in" class="auth_mail" title="E-mail the corresponding author
- 关键词：Noise traders ; Fixed exchange rates ; Tobin taxes ; Optimal monetary policy
- 刊名：Journal of Macroeconomics
- 出版年：2016
- 出版时间：September 2016
- 年：2016
- 卷：49
- 期：Complete
- 页码：33-45
- 全文大小：548 K
文摘
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Evaluate from a welfare perspective monetary policy in a model with noise traders.
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Optimal policy calls for lower real exchange rate variability with noise traders.
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Fixed exchange rates outperform an inflation targeting regime in this milieu.
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Impact of Tobin taxes depends on the intra-temporal elasticity of substitution.