One of the most important aims of monetary policy of the Bank of Russia is to reduce CPI inflation under simultaneous stabilization of ruble exchange rate to the major world currencies. While such task setting is obviously contradictory and requires usage of additional instrument, it is unclear...

This paper suggests a number of changes needed in the economics curriculum from a Russian perspective. These changes are required not only because of the recent crisis and the problems in the economic profession that it revealed, but also because of changes in society, major societal educational...

In our paper, using Granger causality tests on data covering 1995-2011 we find that credit is an important source of money supply endogeneity in Russia, with the two distinct sources of money supply endogeneity present: the one in the sense of accommodationist approach (through state-controlled...

Using monthly and quarterly data for 2000 – 2012 for Belarus, Kazakhstan and Russia we estimate monetary policy rules for these countries. The aim of our study is to find out similarities and differences in monetary policy practices in these countries in order to evaluate potential problems in...

The global financial crisis of 2007–2008, consequences of which continue to adversely affect the world economy, is often called a ‘Minsky crisis’. A prominent American economist Hyman Philip Minsky studied capitalist economic system paying special attention to its major properties, in...

The present study analysed monetary policy transmission mechanisms in Russia in the period of July 1995-September 2004. Bank of Russia officially implements inflation targeting and in its "General foundations of monetary policy" declares monetary base and monetary aggregate M2 as its operational...