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A Preliminary Evaluation of Monetary Policy Rules for Russia

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Author Info

  • Lucio Vinhas de Souza

    (Kiel Institute for World Economics IfW)

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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File URL: http://128.118.178.162/eps/mac/papers/0403/0403017.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0403017.

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Length: 28 pages
Date of creation: 25 Mar 2004
Date of revision:
Handle: RePEc:wpa:wuwpma:0403017

Note: Type of Document - pdf; pages: 28
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Web page: http://128.118.178.162

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Keywords: Monetary policy rules; exchange rate; central bank; Russia.;

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References

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  1. Laurence Ball, 1998. "Policy Rules for Open Economies," NBER Working Papers 6760, National Bureau of Economic Research, Inc.
  2. 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.
  3. 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.
  4. 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.
  5. Richard Clarida & Mark Gertler, 1996. "How the Bundesbank Conducts Monetary Policy," NBER Working Papers 5581, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. 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.
  2. 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.

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