This paper investigates how a combination of monetary and macroprudential policies might affect the dynamics of a small open economy (SOE) with financial frictions under alternative discretionary shocks. Discretionary shocks in productivity and domestic and foreign monetary policies identify the roles of alternative interest rate and reserve requirement rules to stabilize the economy. The model is calibrated for the Brazilian economy. The exchange rate channel of transmission is relevant for foreign but not for domestic shocks. The interest rate rule should target domestic inflation and should not react to the exchange rate. The countercyclical reserve requirements rule, in its turn, should aggressively react to the credit-gap and not include a fixed component. Under both domestic and foreign shocks, the countercyclical effectiveness of the macroprudential policy improves when the degree of openness increases. There is a complementarity between monetary and macroprudential policy rules to stabilize the SOE.

本文研究了货币政策和宏观审慎政策的结合如何影响小型开放经济体 (SOE) 在其他可自由支配的冲击下存在金融摩擦的动态。生产力和国内外货币政策的自由裁量冲击确定了替代利率和准备金要求规则在稳定经济中的作用。该模型针对巴西经济进行了校准。汇率传导渠道与国外冲击有关，与国内冲击无关。利率规则应以国内通胀为目标，不应对汇率做出反应。反过来，反周期准备金要求规则应该对信贷缺口做出积极反应，而不是包含固定部分。在国内外的冲击下，宏观审慎政策的逆周期有效性随着开放程度的提高而提高。稳定国有企业的货币政策和宏观审慎政策规则之间存在互补性。