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G )(/6*(F *-890F, 9 26:6861 );,-: 786*6,0:C9F 98(*5-50- 7693- ;?G:( *(3E:56+6 2;89(, 04--: *0,: (1) (2 6:4-?(E: 3(80,(, (30 0 -8:3-8 (Clarida, e.a., 1999), )63C@059:*6 0993-,6*(:-3-1 405040/08;E: 04-556 9;44; 2*(,8(:6* 6:2365-501 05<3F>00 5( 4-9:5B- :6*(8B It 0 8(/8B*( (t) 6: 966:*-:9:*;EA0= >-3-*B= /5(?-501 (Itt,IT). 864- :6+6, 6:-4)-8+ 0 ;,<68, (Rotemberg and Woodford, 1999) 78-,69:(*030 <684(3C5B6)6956*(50F :(26+6 76,=6,( – *B8(.-50-, 9=6,56- 9 780*-,G55B4 *B@*B*6,0:9F 0/ 2*(,8(:0?56+6 780)30.-50F <;52>00 )3(+6969:6F50F, 6956*(5561 5( 763-/569:0. 9=6,F 0/ «956*5B= 5(78(*3-501 -,0561 +69;,(89:*-5561 ,-5-.56-28-,0:561 7630:020 5( 2008 +6,» <;52>0E 93-,;-: ,676350:C 2*(,8(:64 6:2365-50F 0/4-5-50F 8-(3C56+6 D<<-2:0*56+6 6)4-556+6 2;89( ( ) 6: >-3-*6+6 /5(?-50F ( ). ,5(26, 2(2 762(/(56 * 8()6:- *(56*61 (Ivanova, 2007), 8;)3C /5(?0:-3C56 6:2365F-:9F 6: -9:-9:*-556+6 /5(?-50F 8-(3C56+6 6)4-556+6 2;89(. :64; .- 8()6:( 9 ;86*5F40, ( 5- 9 6:2365-50F40 *(3E:56+6 2;89( 76:8-);-: 78-,7636.-50F 6 5-0/4-5569:0 76:-5>0(3C56+6 ;86*5F *B7;92(, ?:6 2(.-:9F 0/30@504. 71 E'=+304 .. # %"$ # ! 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C842 456+*+1+3& 0&0 (9) 84 +78B 0&0 14)&6.:2 4834>+3.E '9*9?+)4 . 8+09?+)4 964(3+/ <+3 3& 2+783A+ 84(&6A. (10) (A6&,&+87E =+6+- 9714(.E 846)4(1. . ( 6+-91B8&8+ 7478&(1E+8 (11) =84 54*78&34(04/ ( .3:1E<.D 3& 2+783A+ 84(&6A 56.(4*.8 0 (12) (13) )*+ – 79'@+08.(3A/ :&0846 *.70438.64(&3.E. *+7B 8&0,+ 'A14 .7541B-4(&34 (A6&,+3.+ &1. . 43&=+11. (Gali and Monacelli, 2005), 7(E-&(>++ +78+78(+33A/ 964(+3B (3986+33+)4 (A5970& 7 .34786&33A2. &5.>+2 5419=+334+ (A6&,+3.+ ( '41++ 9*4'342 (.*+: (14) 3:1E<.E 3& 2+783A+ 84(&6A 5414,.8+1B34 -&(.7.8 48 8+09?+)4 6&-6A(& . 48 4,.*&+24)4 6478& 2+783A; <+3 ( 71+*9D?+2 5+6.4*+, 56. C842 2 3+ 56+(A>&+8 +*.3.<A. 4.3. *3& .- 474'+33478+/ 24+/ 24*+1. -&01D=&+87E ( .7541B-4(&3.. 548404(4)4 54*;4*& 0 456+*+1+3.D 4'2+334)4 0967&. +72486E 3& 84, =84 ( 74(6+2+33A; 24*+1E; =&?+ (7+)4 .7541B-9+87E 3+5406A8A/ 564<+383A/ 5&6.8+8, ( 477.. 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A/64357% - -14357% 43 '%0B72318 /8568 )3:3)8. 6337'*767'-- 6 4%5%1*75%1-, 2%.)*22?1- )0C 366--, /3A99-;-*27, ,%'-6C>-. 37 A0%67-<2367*., 875%-'%*7 A99*/7 7%5(*7-53'%2-C 5*%0@23(3 3&1*223(3 /856%. 6'C,- 6 2*345*)*0D22367@B *67*67'*223(3 ,2%<*2-C 5*%0@23(3 3&1*223(3 /856%, 4%5%1*753' /5-'3. 63'3/8423(3 45*)03+*2-C - '*63' ' ;*0*'3. 982/;-- ' 366-- /30-<*67'*22?. %2%0-, )34302-7*0@23(3 61*>*2-C 5367% ;*2 367%06C 2% -00B675%7-'231 853'2*. %&37% 13(0% &? &?7@ )34302*2% 873<2*2-*1 8/%,%22?: 2*-,'*672?:, '/0B<*2-*1 -267581*27% 2%/340*2-C 5*,*5'3', % 7%/+* %2%0-,31 -290C;-- 45)348>*2--, <73 3&1*22?. /856 345*)*0C*76C 2*43/5?7?1 453;*272?1 4%5-7*731. 3'%C 64*;-9-/%;-C ;*0*'3. 982/;-- 37/5?'%*7 =-53/-* (35-,327? )0C )%0@2*.=-: -660*)3'%2-.. 82 #" ! .. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. Artus J., Knight M. (1984) “Issues in the Assessment of the Exchange Rates of Industrial Countries”. International Monetary Fund Working Paper $ 29. Barro R., Gordon D. 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