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:	2004-06-17
Authors:	Esanov, Akram ; Merkl, Christian ; Vinhas de Souza, Lúcio
Institutions:	Siirtymätalouksien tutkimuslaitos, Suomen Pankki
Subject:	monetary policy rules \| exchange rate \| central bank \| Russia

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Extent:	application/pdf
Series:	BOFIT Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	The text is part of a series BOFIT Discussion Papers Number 11/2004 38 pages
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination ; F33 - International Monetary Arrangements and Institutions ; F41 - Open Economy Macroeconomics
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005190674