A preliminary evaluation of monetary policy rules for Russia

The paper reviews the recent conduct of monetary policy and the central bank's rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our results indicate that during the period of 1993-2002 the Bank of Russia has used monetary aggregates as a main policy instrument in conducting monetary policy.

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Year of publication:	2004
Authors:	Esanov, Akram ; Merkl, Christian ; Vinhas de Souza, Lúcio
Publisher:	Kiel : Kiel Institute for World Economics (IfW)
Subject:	Geldpolitik \| Geldpolitisches Ziel \| Regelgebundene Politik \| Geldmengensteuerung \| Russland \| Monetary policy rules \| exchange rate \| central bank \| Russia

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Series:	Kiel Working Paper ; 1201
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	38096533X [GVK] hdl:10419/3193 [Handle] RePEc:zbw:ifwkwp:1201 [RePEc]
Classification:	F41 - Open Economy Macroeconomics ; F33 - International Monetary Arrangements and Institutions ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
Source:	EconStor

Persistent link: https://www.econbiz.de/10010277970