昆明第三人民医院评价:急求高手帮忙翻译一下（3）

•First, I deal with the effectiveness of the nominal exchange rate as a shock
absorber in IT regimes. This issue is related to the extent of the “pass
through” from the exchange to domestic prices. I argue that much of the
literature on pass through has missed the important connection between
“pass-through” and exchange rate effectiveness as a shock absorber.
•Second, I analyze whether the adoption of IT has had an impact on
exchange rate volatility. Many authors have pointed out that since IT
requires (some degree of) exchange rate flexibility, it necessarily results in
higher exchange rate volatility.4 This, however, is not a very interesting
statement. A more useful analysis would separate the effects of IT, on the
one hand, and of a more flexible exchange rate regime, on the other, on
exchange rate volatility. This is what I do in section III of the paper.
•And third, I discuss whether in an inflation targeting regime the exchange
rate should affect the monetary policy rule. I point out that, from an
analytical perspective, this is still an unresolved issue. At the policy level,
very few IT central banks openly recognize using the exchange rate as a
(separate) term in their policy rules (i.e. Taylor rules). However, existing
empirical evidence suggests that almost every central bank does take
exchange rate behavior into account when undertaken monetary policy.5
Much has been written about these three topics. And yet, there continue to be
unresolved policy issues surrounding all of them. In this paper I take a new look at these
issues, and I argue that recent policy debates have missed some of the finer aspects of
these problems. In Sections II and III, on pass-through and volatility, I perform
comparative empirical analyses for a group of 7 countries – two advanced and five
emerging – that have adopted inflation targeting.6 In Section IV, on the other hand, I
discuss the possible role of the exchange rate in determining the monetary policy stance
in an IT system. Section V is the conclusions.
一共有3篇，大家真的要帮帮小弟阿！！！如有满意结果，另加50分，谢谢！！