embeding in this model the Central Bank’s preferences modeled by different types of loss functions and choose the one that does … the Bank of Russia acts as if it had two conflicting targets: inflation stabilization and low real exchange rate, or … quadratic loss function that models inflation and real sector stabilization is not relevant in depicting the Bank’s behavior. …

English Abstract: The position of supporters of the policy easing by the Bank of Russia is the following: if the … quantitative easing? According to adherents of monetary policy easing, it is necessary to turn the Bank of Russia into the …