Replication data for: Price-setting heterogeneity and robust monetary policy in a two-sector DSGE model of a small open economy

Research data associated with the manuscript: [1] Górajski, M., Kuchta, Z., Leszczyńska-Paczesna, A., 2022, Price-setting heterogeneity and robust monetary policy in a two-sector DSGE model of a small open economy The Readme file describes all user-defined MATLAB functions that solve the robust monetary policy rules and replicate the main results from Section 4. We group them into four folders: main_estimation, main_robust_simple_rules, main_sensitivity_analysis, and main_simulations. This work is supported by the National Science Centre in Poland under Grant No. 2017/26/D/HS4/00942. Abstract This paper offers a welfare analysis of robust simple monetary policy rules in a multi-sector dynamic stochastic general equilibrium model of a small open economy. The model assumes price-setting heterogeneity between two sectors of the economy: the production of food and energy goods, and the remaining consumption goods and services. We determine monetary policy rules that minimise the Bayesian risk and take into account the uncertainty of the economic environment. Using this approach we propose a robust price index. To illustrate an application, we estimate the model on Polish data and compare expected welfare losses under implementable monetary policy rules. We show that reacting to core inflation improves social welfare more than responding to headline inflation. Moreover, the choice between the robust headline and core inflation rules may depend on country-specific factors, such as the share of food and energy in a consumption bundle or the level of competitiveness.

本数据集关联学术论文[1]：Górajski, M., Kuchta, Z., Leszczyńska-Paczesna, A. 于2022年发表的《小型开放经济两部门动态随机一般均衡模型中的定价异质性与稳健货币政策》
本数据集的Readme文件详述了所有用户自定义MATLAB函数，这些函数用于求解稳健货币政策规则并复现论文第4节的核心研究结果。我们将相关函数划分为四个文件夹：main_estimation、main_robust_simple_rules、main_sensitivity_analysis及main_simulations。
本研究获波兰国家科学中心资助，项目编号为2017/26/D/HS4/00942。
**摘要** 本文针对小型开放经济的多部门动态随机一般均衡（Dynamic Stochastic General Equilibrium, DSGE）模型，开展稳健型简单货币政策规则的福利分析。该模型假定经济两大部门间存在定价异质性：食品与能源商品生产部门，以及其余消费品及服务生产部门。我们旨在确定可最小化贝叶斯风险、并兼顾经济环境不确定性的货币政策规则。基于此研究思路，我们提出了一种稳健价格指数。为演示该方法的应用，我们基于波兰经济数据对模型进行估计，并对比了可实施货币政策规则下的期望福利损失。研究表明，盯住核心通胀较盯住整体通胀更能提升社会福利。此外，在稳健型整体通胀与核心通胀规则间的选择，可能取决于国家特定因素，例如消费组合中食品与能源的占比，或经济体的竞争力水平。