While economic and financial integration can increase welfare, it can also complicate the policy problem, bringing about new trade-offs or magnifying the existing ones. These policy challenges can be particularly severe in the presence of large (gross) capital flows, e.g., for emerging market economies. Having a quantitative assessment of these trade-offs is key for the design of effective policy interventions. Using a Core-Periphery open-economy DSGE model with financial and nominal frictions, we offer a quantitative assessment of the implied trade-offs and of operational policy targeting rules that can bring about the highest global welfare. These rules need to trade off domestic inflation variability with foreign factors and financial imbalances. We suggest a novel approach, based on the SVAR literature, that can be used to represent targeting rules in rich models.

中文翻译：

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国际货币政策协调实施细则

经济和金融一体化虽然可以增加福利，但也会使政策问题复杂化，带来新的取舍或扩大现有的取舍。在存在大量（总）资本流动的情况下，例如对于新兴市场经济体，这些政策挑战可能尤其严峻。对这些折衷进行定量评估是设计有效政策干预措施的关键。使用具有财务和名义摩擦的核心－外围开放经济DSGE模型，我们对隐含的取舍和可以带来最高全球福利的运营政策目标规则进行定量评估。这些规则需要权衡国内通货膨胀率的变化与外国因素和金融失衡之间的关系。我们建议根据SVAR文献提出一种新颖的方法，