@article{oai:nagoya.repo.nii.ac.jp:00013294,
 author = {高久, 賢也 and TAKAKU, Kenya},
 issue = {4},
 journal = {経済科学},
 month = {Mar},
 note = {This paper investigates what's the impact of different values of the elasticity of international substitution for desirable exchange rate policy stance and the welfare performance of a central bank under the interest rate rule which contains exchange rates in a New Keynesian small open economy model. The model is solved using second-order approximation methods and we compute the expected life time utility of the representative household as the welfare criterion. As a result of simulation, we found the following. When the elasticity of international substitution is low, the central bank can improve welfare performance by stabilizing exchange rate fluctuations in some extent regardless of the degree of openness but should not stabilize aggressively. When the elasticity of international substitution is high, in the case of low openness, the central bank can improve welfare performance by stabilizing exchange rate fluctuations aggressively. In any of these cases, the degree of improvement of welfare performance is very small. On the other side, when the elasticity of international substitution and openness is high, it's desirable that the central bank doesn't stabilize exchange rate fluctuations at all.},
 pages = {53--69},
 title = {小国開放経済における為替レート政策の厚生分析},
 volume = {58},
 year = {2011}
}