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

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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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  2. Torres, Alberto, 2003. "Monetary policy and interest rates: evidence from Mexico," The North American Journal of Economics and Finance, Elsevier, vol. 14(3), pages 357-379, December.
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  9. M. S. Mohanty & Marc Klau, 2004. "Monetary policy rules in emerging market economies: issues and evidence," BIS Working Papers 149, Bank for International Settlements.
  10. Mccallum, Bennet T., 1988. "Robustness properties of a rule for monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 173-203, January.
  11. 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.
  12. Vdovichenko Anna & Voronina Victoria, 2004. "Monetary policy rules and their application in Russia," EERC Working Paper Series 04-09e, EERC Research Network, Russia and CIS.
  13. A. Еslund, 2001. "The Myth of Output Collapse After Communism," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 7.
  14. John B. Taylor, 2001. "The Role of the Exchange Rate in Monetary-Policy Rules," American Economic Review, American Economic Association, vol. 91(2), pages 263-267, May.
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