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Monetary policy rules for Russia

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  • Esanov, Akram
  • Merkl, Christian
  • Vinhas de Souza, Lucio

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.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 33 (2005)
Issue (Month): 3 (September)
Pages: 484-499

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Handle: RePEc:eee:jcecon:v:33:y:2005:i:3:p:484-499

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Web page: http://www.elsevier.com/locate/inca/622864

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References

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  1. M. S. Mohanty & Marc Klau, 2004. "Monetary policy rules in emerging market economies: issues and evidence," BIS Working Papers, Bank for International Settlements 149, Bank for International Settlements.
  2. Falcetti, Elisabetta & Raiser, Martin & Sanfey, Peter, 2002. "Defying the Odds: Initial Conditions, Reforms, and Growth in the First Decade of Transition," Journal of Comparative Economics, Elsevier, Elsevier, vol. 30(2), pages 229-250, June.
  3. Richard H. Clarida & Mark Gertler, 1997. "How the Bundesbank Conducts Monetary Policy," NBER Chapters, National Bureau of Economic Research, Inc, in: Reducing Inflation: Motivation and Strategy, pages 363-412 National Bureau of Economic Research, Inc.
  4. Vdovichenko Anna & Voronina Victoria, 2004. "Monetary policy rules and their application in Russia," EERC Working Paper Series, EERC Research Network, Russia and CIS 04-09e, EERC Research Network, Russia and CIS.
  5. André Minella & Paulo Springer de Freitas & Ilan Goldfajn & Marcelo Kfoury Muinhos, 2003. "Inflation Targeting in Brazil: Constructing Credibility under Exchange Rate Volatility," Working Papers Series, Central Bank of Brazil, Research Department 77, Central Bank of Brazil, Research Department.
  6. Laurence M. Ball, 1999. "Policy Rules for Open Economies," NBER Chapters, National Bureau of Economic Research, Inc, in: Monetary Policy Rules, pages 127-156 National Bureau of Economic Research, Inc.
  7. Athanasios Orphanides, 2001. "Monetary Policy Rules Based on Real-Time Data," American Economic Review, American Economic Association, American Economic Association, vol. 91(4), pages 964-985, September.
  8. Mccallum, Bennet T., 1988. "Robustness properties of a rule for monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 29(1), pages 173-203, January.
  9. W. A. Razzak, 2003. "Is the Taylor Rule Really Different from the McCallum Rule?," Contemporary Economic Policy, Western Economic Association International, Western Economic Association International, vol. 21(4), pages 445-457, October.
  10. Marek Dabrowski & Wojciech Paczynski & Lukasz Rawdanowicz, 2002. "Inflation and Monetary Policy in Russia: Transition Experience and Future Recommendations," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0241, CASE-Center for Social and Economic Research.
  11. Gerberding, Christina & Worms, Andreas & Seitz, Franz, 2004. "How the Bundesbank really conducted monetary policy: An analysis based on real-time data," Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre 2004,25, Deutsche Bundesbank, Research Centre.
  12. Calderon, Cesar & Schmidt-Hebbel, Klaus, 2003. "Macroeconomic policies and performance in Latin America," Journal of International Money and Finance, Elsevier, Elsevier, vol. 22(7), pages 895-923, December.
  13. A. Еslund, 2001. "The Myth of Output Collapse After Communism," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 7.
  14. Torres, Alberto, 2003. "Monetary policy and interest rates: evidence from Mexico," The North American Journal of Economics and Finance, Elsevier, Elsevier, vol. 14(3), pages 357-379, December.
  15. John B. Taylor, 2001. "The Role of the Exchange Rate in Monetary-Policy Rules," American Economic Review, American Economic Association, American Economic Association, vol. 91(2), pages 263-267, May.
  16. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 39(1), pages 195-214, December.
  17. Detken, Carsten & Gaspar, Vítor, 2003. "Maintaining price stability under free-floating: a fearless way out of the corner?," Working Paper Series, European Central Bank 0241, European Central Bank.
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Citations

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Cited by:
  1. Fredj Jawadi & Sushanta K. Mallick & Ricardo M. Sousa, 2011. "Monetary Policy Rules in the BRICS: How Important is Nonlinearity?," NIPE Working Papers, NIPE - Universidade do Minho 18/2011, NIPE - Universidade do Minho.
  2. Vinhas de Souza, Lúcio & Schweickert, Rainer & Movchan, Veronika & Bilan, Olena & Burakovsky, Igor, 2005. "Now so near, and yet still so far: economic relations between Ukraine and the European Union," Kiel Discussion Papers, Kiel Institute for the World Economy (IfW) 419, Kiel Institute for the World Economy (IfW).
  3. Vymyatnina, Yulia, 2006. "How much control does Bank of Russia have over money supply?," Research in International Business and Finance, Elsevier, Elsevier, vol. 20(2), pages 131-144, June.
  4. Ono, Shigeki, 2013. "The effects of foreign exchange and monetary policies in Russia," Economic Systems, Elsevier, Elsevier, vol. 37(4), pages 522-541.
  5. Juurikkala, Tuuli & Solanko, Laura & Karas, Alexei, 2009. "The role of banks in monetary policy transmission: Empirical evidence from Russia," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 8/2009, Bank of Finland, Institute for Economies in Transition.
  6. Granville, Brigitte & Mallick, Sushanta, 2006. "Does inflation or currency depreciation drive monetary policy in Russia?," Research in International Business and Finance, Elsevier, Elsevier, vol. 20(2), pages 163-179, June.
  7. Claeys, Sophie, 2005. "Optimal regulatory design for the Central Bank of Russia," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 7/2005, Bank of Finland, Institute for Economies in Transition.
  8. Kristina Kittelmann & Marcel Tirpak & Rainer Schweickert & L�cio Vinhas De Souza, 2006. "From Transition Crises to Macroeconomic Stability? Lessons from a Crises Early Warning System for Eastern European and CIS Countries," Comparative Economic Studies, Palgrave Macmillan, Palgrave Macmillan, vol. 48(3), pages 410-434, September.
  9. Ikeda, Taro, 2010. "Interest Rate Rule For The Russian Monetary Policy : Nonlinearity And Asymmetricity," Hitotsubashi Journal of Economics, Hitotsubashi University, Hitotsubashi University, vol. 51(1), pages 1-11, June.
  10. Fan, Longzhen & Yu, Yihong & Zhang, Chu, 2011. "An empirical evaluation of China's monetary policies," Journal of Macroeconomics, Elsevier, Elsevier, vol. 33(2), pages 358-371, June.
  11. Evsey Gurvich & Vladimir Sokolov & Alexey Ulyukaev, 2009. "Analysis of the Relationship Between the Exchange Rate Policy of the Russian Central Bank and the Interest Rates: Uncovered and Covered Parity," Journal of the New Economic Association, New Economic Association, New Economic Association, issue 1-2, pages 104-126.
  12. Kirill Sosunov & Oleg Zamulin, 2007. "Monetary Policy in an Economy Sick with Dutch Disease," Working Papers, Center for Economic and Financial Research (CEFIR) w0101, Center for Economic and Financial Research (CEFIR).
  13. Muneesh Kapur & Michael Debabrata Patra, 2012. "Alternative Monetary Policy Rules for India," IMF Working Papers, International Monetary Fund 12/118, International Monetary Fund.
  14. Wojciech W Charemza & Svetlana Makarova, 2006. "Ex ante Dynamics of Real Effects of Monetary Policy: Theory and Evidence for Poland and Russia, 2001–2003," Comparative Economic Studies, Palgrave Macmillan, Palgrave Macmillan, vol. 48(3), pages 458-479, September.
  15. Granville, Brigitte & Mallick, Sushanta, 2010. "Monetary Policy in Russia: Identifying exchange rate shocks," Economic Modelling, Elsevier, Elsevier, vol. 27(1), pages 432-444, January.
  16. B. Merlevede & K. Schoors & B. Van Aarle, 2007. "Russia from Bust to Boom: Oil, Politics or the Ruble?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration 07/461, Ghent University, Faculty of Economics and Business Administration.
  17. Lúcio Vinhas de Souza, 2009. "Russia's Recent Economic and Reform Performance and Remaining Reform Challenges," Journal of the New Economic Association, New Economic Association, New Economic Association, issue 1-2, pages 207-222.
  18. Mallick, Sushanta K. & Sousa, Ricardo M., 2012. "Real Effects Of Monetary Policy In Large Emerging Economies," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 16(S2), pages 190-212, September.
  19. Sushanta Mallick & Ricardo Sousa, 2013. "Commodity Prices, Inflationary Pressures, and Monetary Policy: Evidence from BRICS Economies," Open Economies Review, Springer, Springer, vol. 24(4), pages 677-694, September.

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