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Feedback to the ECB's monetary analysis: the Bank of Russia's experience with some key tools

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  • Ponomarenko, Alexey
  • Vasilieva, Elena
  • Schobert, Franziska

Abstract

The paper investigates to what extent some basic tools of the ECBs monetary analysis can be useful for other central banks given their specific institutional, economic and financial environment. We take the case of the Bank of Russia in order to show how to adjust methods and techniques of monetary analysis for an economy that differs from the euro area as regards, for instance, the role of the exchange rate, the impact of dollarization and the functioning of sovereign wealth funds. A special focus of the analysis is the estimation of money demand functions for different monetary aggregates. The results suggest that there are stable relationships with respect to income and wealth and to a lesser extent to uncertainty variables and opportunity costs. Furthermore, the analysis also delivers preliminary results of the information content of money for inflation and for real economic development. JEL Classification: E41, E52, E58

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Bibliographic Info

Paper provided by European Central Bank in its series Working Paper Series with number 1471.

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Date of creation: Sep 2012
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Handle: RePEc:ecb:ecbwps:20121471

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Keywords: cointegration analysis; inflation; Money demand; real economic activity; transition countries;

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  1. Christian Dreger & Hans-Eggert Reimers & Barbara Roffia, 2007. "Long-Run Money Demand in the New EU Member States with Exchange Rate Effects," Eastern European Economics, M.E. Sharpe, Inc., vol. 45(2), pages 75-94, April.
  2. Lemke, Wolfgang & Greiber, Claus, 2005. "Money demand and macroeconomic uncertainty," Discussion Paper Series 1: Economic Studies 2005,26, Deutsche Bundesbank, Research Centre.
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