Using data for six advanced open economies explicitly targeting inflation, the paper examines empirically whether real exchange rate disequilibria systematically affect the conduct of monetary policy.

• 本文利用六个明确实施通货膨胀目标制的开放经济体国家的信息资料，对汇率的非均衡否会对货币政策操作产生系统性影响进行了实证分析检验。