Monetary policy rules for Russia

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

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