the Bank of Russia acts as if it had two conflicting targets: inflation stabilization and low real exchange rate, or … for forecasting the medium run dynamics of inflation and nominal exchange rate. It is also shown that commonly used … quadratic loss function that models inflation and real sector stabilization is not relevant in depicting the Bank’s behavior. …

English Abstract: The paper analyzes inflation targeting which is used in many countries as a tool for the monetary … policy of central banks. The study of the experience of inflation targeting over the past quarter century shows a number of … shortcomings. The important one is that inflation targeting is powerless in relation to import inflation. This problem is …

English Abstract: This paper is studied the inflation differentiations in Russian regions, and their causes. It was … found, that deviations of the rates of regional inflation were declined steadily during 2000-2016. Common factors, which are … the same for all Russian regions, explain on average 22% of the variation in regional inflation rates. The other part of …

since the beginning of the year, by 0.5 p.p. to 5.5% per annum. This decision was caused by an accelerated inflation … expectations. As seen by the results of May 2021, inflation in annual terms reached 6% and, according to our estimates, its year …