Breaking monetary policy rules in Russia
Nuutilainen, Riikka; Korhonen, Iikka (30.12.2017)
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Volyymi
3Numero
4
2017
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-202002181141Tiivistelmä
This study estimates whether the monetary policy rules of Bank of Russia have changed recently. Russia has moved towards inflation targeting over the past years, which is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of the Taylor rule depicts Bank of Russia's monetary policy over the past decade well. Moreover, there have been two clear breaks in the coefficients of the estimated monetary policy rule, possibly signifying a shift towards traditional inflation targeting and also the current recent economic turbulence.
Julkaisuhuomautus
BOFIT Policy Brief 9/2017