-varying behavior of such macroeconomic parameters as volatility, long-term economic growth, trend inflation, the persistence of … inflation and oil prices, as well as the dependence of the main macroeconomic variables on oil prices. This review provides a …

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. …