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  • Влияние асимметричной жесткости цен на денежно-кредитную политику в открытой экономике и эмпирический анализ для ряда стран

Working paper

Влияние асимметричной жесткости цен на денежно-кредитную политику в открытой экономике и эмпирический анализ для ряда стран

We build a New Keynesian model of a small open economy and analyze the optimal monetary policy assuming symmetric and asymmetric price rigidity. We find that, in the presence of asymmetric price rigidity, inflationary and deflationary shocks should be treated asymmetrically, and the optimal direction of the asymmetry depends on the price rigidity and the social preferences. In particular, if prices are sufficiently flexible and/or the output gap is not very important (e.g. strict inflation targeting), then inflationary shocks should be contracted more severely than deflationary ones of the same size should be accommodated. But in the opposite case the optimal asymmetry is reversed. We test the predictions of our model for a set of developed countries, concentrating on the exchange rate policy. We find that the exchange rate plays a significant role in the monetary policy in most countries, and we find some evidence of the asymmetry which is in line with inflation targeting according to our model.