Monetary policy rules for Russia
Esanov, Akram; Merkl, Christian; Vinhas de Souza, Lúcio (30.08.2004)
Numero
11/2004Julkaisija
Bank of Finland
2004
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-201408072127Tiivistelmä
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 has used monetary aggregates as a main policy instrument in conducting monetary policy. JEL classification: E52, E61, F33, F41 Keywords: Monetary policy rules, exchange rate, central bank, Russia
Julkaisuhuomautus
Published in Journal of Comparative Economics vol 33, no 3 (2005), pp. 484-499