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Оптимальная денежно-кредитная политика при неполном эффекте переноса и асимметричной жесткости цен

This paper analyses the optimal monetary policy under incomplete pass-through and asymmetric price rigidity. In a general equilibrium sticky price model of a small open economy we fi nd that the optimal interest rate rule is to respond to all types of shocks in an economy: real exchange rate shocks, supply shocks and demand shocks. The extent of the optimal response of the interest rate to exchange rate and supply shocks depends positively on the degree of pass-through and negatively on price rigidity. Therefore, the interest rate should be adjusted more in case of an infl ationary shock (e.g. depreciation of the domestic currency) than in case of a defl ationary one of the same size due to higher downward price rigidity and lower downward pass-through.