@ARTICLE{19081545_2006,
    author = {Dellas, Harris}, 
    keywords = {exchange rate systems, imperfect information, monetary policy, nominal rigidity, монетарная политика},
    title = {Monetary Policy in Open Economies},
    journal = {European Economic Review},
    year = {2006},
    month = {},
    volume = {50},
    number = {6},
    pages = {1471-1486 },
    url = {http://ecsocman.hse.ru/text/19081545/},
    publisher = {},
    language = {ru},
    abstract = {The recent literature on monetary policy in open economies has 
produced a strong presumption in favor of activistic policy and 
flexible exchange rates. We argue that this result may owe much to 
the combination of two commonly made assumptions: That nominal goods 
prices are rigid. And that the monetary authorities have a lot of 
information about the economy. When the source of nominal rigidity is 
found in wages and monetary policy is conducted according to less 
information demanding rules (such as a standard interest rate rule) 
policies that stabilize the money supply or the nominal exchange rate 
may perform better },
    annote = {The recent literature on monetary policy in open economies has 
produced a strong presumption in favor of activistic policy and 
flexible exchange rates. We argue that this result may owe much to 
the combination of two commonly made assumptions: That nominal goods 
prices are rigid. And that the monetary authorities have a lot of 
information about the economy. When the source of nominal rigidity is 
found in wages and monetary policy is conducted according to less 
information demanding rules (such as a standard interest rate rule) 
policies that stabilize the money supply or the nominal exchange rate 
may perform better }
}