This paper provides microfoundations to the Salter-Swan policy framework, a graphical apparatus designed to ascertain the exchange-rate and fiscal stance of a policymaker with internal and external economic targets. The environment is an infinite-horizon small open economy producing tradable and nontradable goods that takes world prices and world interest rates as given and is populated by optimizing households and firms. The economy is subject to terms of trade, interest rate, and discount factor shocks. The internal target of the government is the unemployment rate and the external target is the current account. Downward nominal wage rigidity and financial frictions serve as the rationale for meaningful policy intervention.

本文为Salter-Swan政策框架提供了微观基础，Salter-Swan政策框架是一种图形化的工具，旨在确定具有内部和外部经济目标的决策者的汇率和财政立场。环境是一个无限水平的小型开放经济体，生产可交易和不可交易的商品，并按照给定的世界价格和世界利率，并通过优化家庭和公司来填充人口。经济受贸易条件，利率和折扣因素的冲击。政府的内部目标是失业率，外部目标是经常账户。名义工资刚性下降和财务摩擦是采取有意义的政策干预措施的理由。