Оценка правил для валютных интервенций в DSGE модели

The paper presents a theoretical macroeconomic model of open commodity country which can be used as a basis for decision making by monetary authorities. The work focuses on effectiveness of the unconventional monetary instrument – foreign exchange market intervention that many central banks all over the world use both for exchange rate regulation, volatility management and accumulation of international reserves. One of the main features of the paper is that country economy is described as a system of mathematical equations and this DSGE (Dynamic Stochastic General Equilibrium) model based on applied general equilibrium theory helps to estimate rules for foreign exchange intervention according to basic macroeconomic principles. Moreover, in the paper Russian monthly statistic is estimated since 2014 to present (the fourth stage of exchange rate changing - free floating regime) for justification of using two monetary instrument that is included in the model. As a result, introducing real business cycle shocks changing basic macroeconomic indicators are estimated through two monetary instruments.