Although central banks often prioritize exchange rate stability, its role is frequently overlooked in the monetary policy analysis and simple interest rate rules do not comprise exchange rate arguments even in small open economies. This study extends the traditional Taylor rule by incorporating exchange rate deviations to determine their influence on monetary policy conduct across various economies. Our findings reveal heterogeneous impacts of exchange rate deviations on policy rates. Specifically, exchange rates significantly influence monetary policy in economies with fixed exchange rate regimes, higher foreign reserve ratios and lower levels of financial development.

中文翻译：

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各经济体汇率转嫁与政策利率之间的不同关系：泰勒规则的延伸


尽管中央银行经常优先考虑汇率稳定，但它的作用在货币政策分析中经常被忽视，即使在小型开放经济体中，简单的利率规则也不构成汇率论点。本研究通过纳入汇率偏差来确定它们对不同经济体货币政策行为的影响，从而扩展了传统的泰勒规则。我们的研究结果揭示了汇率偏差对政策利率的异质性影响。具体而言，汇率对固定汇率制度、较高外汇准备金率和较低金融发展水平的经济体的货币政策产生重大影响。