金融の国際化と最適金融政策

抄録

Deregulation of Japan's foreign exchange markets has remarkably progressed in 1980s. This paper studies how the deregulation affects the pattern of economic fluctuations and the optimal monetary policy. The monetary authority is assumed to control money supply in response to various exogenous shocks, in order to minimize the weighted average of variances of GNP and the price index. Interestingly, in the economy with deregulated foreign exchange markets, the monetary authority should response more sensitive to shocks which are occurred at foreign countries such as unexpected changes of foreign government expenditure and monetary policy than to domestic shocks. It is shown that the optimal monetary policy derived in this paper is free from Lucas Critic in that the policy which is optimal under the assumption of static expectation on government policy is not necessarily optimal under rational expectation.