Monetary policy rules for Russia
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. JEL classification: E52, E61, F33, F41 Keywords: Monetary policy rules, exchange rate, central bank, Russia
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