本文构建了基于Calvo定价的小型开放经济体的动态随机一般均衡模型。模拟了在技术冲击,产出冲击以及利率冲击下盯住不同通胀指标宏观经济变量的脉冲响应,以及不同指标下的社会福利损失。结果表明,在不同的冲击下,盯住消费者价格指数的货币政策在外生冲击下变动较小,恢复较快,且社会福利最优。因此,央行在货币政策制定时,盯住CPI通货膨胀更加合理。 This paper constructs a dynamic stochastic general equilibrium model based on Calvo pricing for small open economies. It simulates the impulse responses of macroeconomic variables with different inflation indicators under the impact of technology shocks, output shocks and interest rate shocks, as well as the social welfare loss under different indicators. The results show that under different impacts, the monetary policy that pegs the consumer price index has little change, rapid recovery and social welfare under the exogenous impact. Therefore, it is more reasonable for the central bank to hold its eye on CPI inflation when making monetary policy.