The paper aims at reconstructing the regulator’s loss function both qualitatively and quantitatively. The main idea is to deduct from the observed behavior of the monetary policy instrument the underlying preferences that explain such behavior. In order to obtain quantitative results we use...

Russian Abstract: Оценка моделей с изменяющимися во времени параметрами нашла широкое распространение в макроэкономических исследованиях, реализуемых в течение...