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[list_ref] => Polterovich V.M. (2006): Snizhenie inflyatsii ne dolzhno byt' glavnoj tsel'yu ehkonomicheskoj politiki pravitel'stva Rossii // Ehkonomicheskaya nauka sovremennoj Rossii. T. 2. № 33.<br /> Akerlof G., Dickens W., Perry G. (2000): Near'Rational Wage, Price Setting and the Long'Run Phillips Curve // Brookings Papers on Economic Activity. № 1.<br /> Akerlof G., Yellen J. (1985): A Near'Rational Model of the Business Cycle, with Wage and Price Inertia // Quarterly J. of Econ. № 100.<br /> Ball L., Mankiw N.G. (1994a): Asymmetric Price Adjustment and Economic Fluctuations // Econ. J. № 104.<br /> Ball L., Mankiw N.G. (1994b): A Sticky'Price Manifesto. NBER Working Paper № 4677.<br /> Ball L., Mankiw N.G., Romer D. (1988): The New Keynesian Economics and the Output'Inflation Trade'off // Brookings Papers on Econ. Activity. № 1.<br /> Barro R. (1997): Determinants of Economic Growth: A Cross'Country Empirical Study. Cambrige: MIT Press.<br /> Bils M., Klenow P. (2004): Some Evidence on the Importance of Sticky Prices // J. of Polit. Econ. № 112.<br /> Blanchard O.J. (2003): Comments on Inflation Targeting in Transition Economies; Experience and Prospects. In<br /> Jonas J., Mishkin F. “Proceedings of NBER Conference on Inflation Targeting”. Cambridge: MIT Press.<br /> Blanchard O.J., Fischer S. (1989): Lectures on Macroeconomics. Cambridge: MIT Press.<br /> Blanchard O.J., Kiyotaki N. (1987): Monopolistic Competition, the Effects of Aggregate Demand // American Econ. Rev. № 77.<br /> Blinder A. (1991): Why Are Prices Sticky? Preliminary Evidence from an Interview Survey // American Econ. Rev. № 81.<br /> Bruno M., Fischer S. (1990): Seigniorage, Operating Rules, and the High Inflation Trap // Quarterly J. of Econ. № 105.<br /> Bruno M., Easterly W. (1998): Inflation Crises and Long'run Growth // J. of Monetary Econ. Vol. 41.<br /> Caballero R., Engel E. (1992): Price Rigidities, Asymmetries and Output Fluctuations. NBER Working Paper № 4091.<br /> Calvo G. (1983): Staggered Prices in a Utility Maximizing Framework // J. of Monetary Econ. № 12.<br /> Caplin A., Leahy J. (1991): State'Dependent Pricing and the Dynamics of Money and Output // Quarterly J. of Econ. № 104.<br /> Clarida R., Gali J., Gertler M. (1999): The Science of Monetary Policy: A New Keynesian Perspective // J. of Econ. Lit. № 37.<br /> Cover J. (1992): Asymmetric Effects of Positive and Negative Money'Supply Shocks // Quarterly J. of Econ. № 107.<br /> De Long B., Summers L. (1988): How Does Macroeconomic Policy Affect Output? // Brookings Papers on Econ. Activity. № 2.<br /> Eggertsson G., Woodford M. (2003a): The Zero Bound on Interest Rates and Optimal Monetary Policy // Brookings Papers on Econ. Activity. № 1.<br /> Eggertsson G., Woodford M. (2003b): Optimal Monetary Policy in a Liquidity Trap. NBER Working Paper № 9968.<br /> Ehrenberg R., Smith R. (2000): Modern Labor Economics. N.Y.: Addison Wesley, Longman.<br /> Elsby M. (2004): Evaluating the Economic Significance of Downward Nominal Wage Rigidity. London School of Economics. Working Paper № 12611.<br /> Fabiani S., Druant M., Hernando I. et al. (2006): What Firms’ Surveys Tell Us about Price'setting Behavior in the Euro Area // International J. of Central Banking. № 2.<br /> FOMC (1996): Meeting Transcripts. Federal Open Market Committee. Http://www.federalreserve.gov/fomc/transcripts/1996/19960703Meeting.pdf.<br /> Fehr E., Götte L. (2005): Robustness and Real Consequences of Nominal Wage Rigidity // J. of Monetary Econ. Forthcoming. № 52.<br /> Fischer S., Summers L. (1989): Should Governments Learn to Live with Inflation? // American Econ. Rev. № 79.<br /> Friedman M. (1968): The Role of Monetary Policy // American Econ. Rev. № 58.<br /> Gordon R. (1990): What is New'Keynesian Economics? // J. of Econ. Lit. № 28.<br /> Groshen E., Schweitzer M. 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(1991): New Keynesian Economics. Vol. I, II. Cambridge: MIT Press.<br /> Nakamura E., Steinsson J. (2007): Five Facts About Prices: A Reevaluation of Menu Cost Models // Quarterly J. of Econ. Forthcoming.<br /> Romer D. (1996): Advanced Macroeconomics. N.Y.: McGraw Hill.<br /> Romer D. (2000): Keynesian Macroeconomics without the LM Curve // J. of Econ. Perspectives. № 14.<br /> Rotemberg J. (1987): The New Keynesian Microfoundations. NBER Macroeconomics Annual. Cambridge: MIT Press.<br /> Sachs J., Larrain F. (1993): Macroeconomics in the Global Economy. N.Y.: Prentice Hall.<br /> Senda T. (2001): Asymmetric Effects of Money Supply Shocks and Trend Inflation // J. of Money, Credit, Banking. № 33.<br /> Summers L. (1991): Price Stability: How Should Long'Term Monetary Policy Be Determined? // J. of Money, Credit, Banking. № 23.<br /> Taylor J. (1979): Staggered Wage Setting in a Macro Model // American Econ. Rev. № 69.<br /> Taylor J. 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[full_description] => The author studies the long'run optimal rate of inflation. We argue that various frictions in the functioning of markets may well lead to the optimality of a positive long'run inflation. The paper studies optimal long'run inflation in the environment with asymmetric price rigidity, when prices are more rigid downwards than upwards. We prove two main theoretical results. First, asymmetric price rigidity does not affect the expected equilibrium level of output in an environment with forward looking price setting by firms. Second, in the conditions of asymmetric price rigidity, it is optimal to choose a positive rate of inflation. Numerical calibration of the model suggested that the optimal rate of inflation falls within 2%.
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