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Monetary policy rules for Russia

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

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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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
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622864

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  1. André Minella & Paulo Springer de Freitas & Ilan Goldfajn & Marcelo Kfoury Muinhos, 2003. "Inflation Targeting in Brazil: Constructing Credibility Under Exchange Rate Volatility," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] b26, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
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  10. 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.
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  12. W A Razzak, 2001. "Is the Taylor rule really different from the McCallum rule?," Reserve Bank of New Zealand Discussion Paper Series DP2001/07, Reserve Bank of New Zealand.
  13. A. Еslund, 2001. "The Myth of Output Collapse After Communism," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 7.
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  15. 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 2004,25, Deutsche Bundesbank, Research Centre.
  16. Elisabetta Falcetti & Martin Raiser & Peter Sanfey, 2000. "Defying the odds: initial conditions, reforms and growth in the first decade of transition," Working Papers 55, European Bank for Reconstruction and Development, Office of the Chief Economist.
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