关键词: 资本账户开放, 国际金融冲击, 货币政策规则, 动态随机一般均衡

Abstract: This paper establishes a small open economy model that includes trade and nontrade sectors in the framework of dynamic stochastic general equilibrium We systematically study and compare the different effects and transmission mechanisms of China's economy with foreign financial shocks and export demand shocks under the circumstances of capital control and capital account liberalization, and test the effectiveness of different monetary policy rules in response to international shocks in the context of capital account liberalization We find that the economy fluctuations of countries with capital account liberalization after suffering foreign shocks are much greater than that of capital controls The key difference between capital control and capital account liberalization to foreign financial shock transmission mechanisms lies in the interaction between the trade sector and the nontrade sector, specifically in labor transfer After the liberalization of the capital account, both monetary quantity rules and mixed rules can effectively smooth economic fluctuations in the face of different forms of international shocks

Key words: Capital Account Liberalization, International Financial Shocks, Monetary Policy Rules, Dynamic Stochastic General Equilibrium