The paper analyzes the dynamic effects of anticipated raw materials price increases for small open oil-dependent economies and investigates the consequences of several monetary policy rules in response to commodity price shocks. Based on a calibrated New Keynesian open economy model the analysis...

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during...

The model of the Russian economy that was formed in the 2000s does not match a new stable growth path, though it helped to calmly overcome the crisis of 2008 and 2009. The state needs to provide stability in the fields under its direct control, i.e. the budgetary and monetary policies. In the...

Seit Mitte des vergangenen Jahres steigt die Inflation im Euroraum beträchtlich. Grund sind insbesondere die verteuerten Energiepreise. Der russische Angriff auf die Ukraine seit Ende Februar hat diesen Trend noch einmal verschärft. Um die Preise stabil zu halten, müsste die Europäische...

Should the central bank seek to identify the underlying causes of oil price hikes in determining appropriate policy responses to them? Most likely not. Within a calibrated new-Keynesian model of Oil-Importing and Oil-Producing Countries, I derive the Ramsey policy and analyze optimal monetary...

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during...

We examine the relative ability of simple inflation targeting (IT) and price level targeting (PLT) monetary policy rules to minimize both inflation variability and business cycle fluctuations in Canada for shocks that have important consequences for global commodity prices. We find that...

The model of the Russian economy that was formed in the 2000s does not match a new stable growth path, though it helped to calmly overcome the crisis of 2008 and 2009. The state needs to provide stability in the fields under its direct control, i.e. the budgetary and monetary policies. In the...

Japan has reached the limits of conventional macroeconomic policy. In order to overcome deflation and achieve sustainable economic growth, the Bank of Japan (BOJ) recently set an inflation target of 2% and implemented an aggressive monetary policy so this target could be achieved as soon as...

В работе анализируется эффективность денежно кредитной политики в стра нах – крупнейших экспортерах нефти с точки зрения стерилизации шоков де нежного...