Monetary policy rules for Russia
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Title:
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Monetary policy rules for Russia |
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Author:
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Esanov, Akram
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Merkl, Christian
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Vinhas de Souza, Lúcio
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Organization:
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Bank of Finland
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Department / Unit:
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Institute for Economies in Transition (BOFIT)
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Series:
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BOFIT Discussion Papers
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Series number:
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11/2004 |
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Year of publication:
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2004 |
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Publication date:
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30.8.2004 |
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Published in:
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Published in Journal of Comparative Economics vol 33, no 3 (2005), pp. 484-499 |
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Pages:
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30 s. |
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Keywords:
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rahapolitiikka; keskuspankit; Venäjä; inflaatio; valuuttakurssit; Bofit-kokoelma
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JEL:
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E52; E61; F33; F41
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Abstract:
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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 |
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Note:
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Ilmestynyt myös: Journal of Comparative Economics 33 ; 3 (2005). |
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Rights:
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https://helda.helsinki.fi/bof/copyright
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