A Preliminary Evaluation of Monetary Policy Rules for Russia
AbstractThe 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 InfoPaper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1201.
Length: 26 pages
Date of creation: Jan 2004
Date of revision:
Monetary policy rules; exchange rate; central bank; Russia;
Other versions of this item:
- Lucio Vinhas de Souza, 2004. "A Preliminary Evaluation of Monetary Policy Rules for Russia," Macroeconomics 0403017, EconWPA.
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-04-11 (All new papers)
- NEP-CIS-2004-04-11 (Confederation of Independent States)
- NEP-CWA-2004-04-11 (Central & Western Asia)
- NEP-IFN-2004-04-11 (International Finance)
- NEP-MAC-2004-04-11 (Macroeconomics)
- NEP-MON-2004-04-11 (Monetary Economics)
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