在一个多部门开放经济动态随机一般均衡模型中,基于短期福利与长期福利分析法,考察货币政策的福利分配效应.短期与长期福利分析的结果均证实,货币政策存在显著的福利分配效应,并引起社会福利在不同类型就业劳动力之间分配:贸易品部门就业劳动力的社会福利水平相对较高,而非贸易品部门就业劳动力的社会福利水平相对较低.长期福利分析的结果表明:(1)相对泰勒规则而言,支持增长型政策与严格盯住通胀型政策均恶化了贸易品部门与非贸易品部门就业劳动力的福利,而盯住汇率型政策则相对改善了社会福利;(2)扩张性货币政策显著引起福利不平等的恶化,但相对泰勒规则而言,支持增长型政策与严格盯住通胀型政策对于福利不平等产生更大的恶化效应,而考虑汇率的政策则相对改善了福利不平等状况.因此,无论是基于社会福利的角度,还是基于缓和福利不平等的立场,开放经济背景下的货币政策均应考虑汇率.%This paper considers a multi－sector open economy dynamic stochastic general equilibrium model, and investigates the welfare distribution effects of monetary policy.The results of short run and long run welfare analysis demonstrate that, monetary policy plays a significant role in welfare distribution, it leads so-cial welfare being allocated between alternative labors: the labor employed by tradable sector gains relatively high level of social welfare, but the labor employed by non－tradable sector is relatively low.Meanwhile, the result of long run welfare analysis shows that: (1) Compared to Taylor rule, pro－growth type rule and strictly inflation targeting rule deteriorate social welfare, but the exchange rate targeting rule improves social welfare;(2)Welfare inequality increases when positive monetary policy hits the economy.And compared with Taylor rule, pro－growth type rule and strictly inflation targeting rule deteriorate welfare inequality, but the welfare in-equality improves in the monetary policy targeting exchange rate.Therefore, the exchange rate should be con-sidered for the monetary policy in the open economy.
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