Esanov, Akram; Merkl, Christian; Souza, Lúcio Vinhas de - Institut für Weltwirtschaft (IfW) - 2004
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 …