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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0403017.
Length: 28 pages
Date of creation: 25 Mar 2004
Date of revision:
Note: Type of Document - pdf; pages: 28
Contact details of provider:
Web page: http://22.214.171.124
Monetary policy rules; exchange rate; central bank; Russia.;
Other versions of this item:
- Akram Esanov & Christian Merkl & Lúcio Vinhas de Souza, 2004. "A Preliminary Evaluation of Monetary Policy Rules for Russia," Kiel Working Papers 1201, Kiel Institute for the World Economy.
- 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-2004-03-28 (All new papers)
- NEP-CIS-2004-03-28 (Confederation of Independent States)
- NEP-IFN-2004-03-28 (International Finance)
- NEP-MAC-2004-03-28 (Macroeconomics)
- NEP-MON-2004-03-28 (Monetary Economics)
- NEP-TRA-2004-03-28 (Transition Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Laurence Ball, 1998.
"Policy Rules for Open Economies,"
NBER Working Papers
6760, National Bureau of Economic Research, Inc.
- Detken, Carsten & Gaspar, Vítor, 2003. "Maintaining price stability under free-floating: a fearless way out of the corner?," Working Paper Series 0241, European Central Bank.
- Marek Dabrowski & Wojciech Paczynski & Lukasz Rawdanowicz, 2002. "Inflation and Monetary Policy in Russia: Transition Experience and Future Recommendations," CASE Network Studies and Analyses 0241, CASE-Center for Social and Economic Research.
- Calderon, Cesar & Schmidt-Hebbel, Klaus, 2003.
"Macroeconomic policies and performance in Latin America,"
Journal of International Money and Finance,
Elsevier, vol. 22(7), pages 895-923, December.
- César Calderón & Klaus Schmidt-Hebbel, 2003. "Macroeconomic Policies and Performance in Latin America," Working Papers Central Bank of Chile 217, Central Bank of Chile.
- Richard Clarida & Mark Gertler, 1996.
"How the Bundesbank Conducts Monetary Policy,"
NBER Working Papers
5581, National Bureau of Economic Research, Inc.
- Starr, Martha A., 2005. "Does money matter in the CIS? Effects of monetary policy on output and prices," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 441-461, September.
- Khurshid Kiani, 2011. "Fluctuations in Economic and Activity and Stabilization Policies in the CIS," Computational Economics, Society for Computational Economics, vol. 37(2), pages 193-220, February.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA).
If references are entirely missing, you can add them using this form.