Breaking monetary policy rules in Russia

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Title: Breaking monetary policy rules in Russia
Author: Korhonen, Iikka ; Nuutilainen, Riikka
Organization: Suomen Pankki
Bank of Finland
Department / Unit: Siirtymätalouksien tutkimuslaitos (BOFIT)
Institute for Economies in Transition (BOFIT)
Series: BOFIT Policy Brief
ISSN: 2342-205X
Series year: 2017
Series number: 9/2017
Year of publication: 2017
Publication date: 5.10.2017
Published in: Published in Russian Journal of Economics, Volume 3, Issue 4, December 2017, Pages 366–378
DOI: 10.1016/j.ruje.2017.12.004
Pages: 18
Subject (yso): rahapolitiikka; keskuspankit; inflaatio
Keywords: Bofit-kokoelma; Venäjä; Taylorin sääntö; säännöt
Other keywords: Russia; monetary policy; monetary policy rules
Abstract: In this paper we estimate whether monetary policy rules of Bank of Russia have changed during the recent past. Russia has moved towards inflation targeting throughout past years, and this is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of Taylor rule depicts Bank of Russia’s monetary policy quite well during the past decade or so. Moreover, there clearly have been two breaks in the coefficients of the estimated monetary policy rule, possibly signifying shift towards traditional inflation targeting, but also the current recent economic turbulence.

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