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Analysis of Transmission Mechanisms of Monetary Policy of the Bank of Russia in Conditions of Transition to Inflation Targeting

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  • Sinelnikova-Muryleva, Elena

    ()

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

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    This work paper is devoted to the study of monetary transmission mechanisms. The first section of the paper is devoted to the review of theoretical approaches to the analysis of monetary transmission and describes various traditional and credit channels, the information channel is also discussed in this section. The second section examines the experience of empirical research of monetary transmission on Russian data. The third section is devoted to the estimation of the transmission channels in Russia considering the transition of the Bank of Russia to the inflation targeting regime. VAR and FAVAR models are used for the estimation. The conclusions from the empirical part of the work paper are made in the fourth section, including the effectiveness of the interest rate channel, q-Tobin channel and the deposit channel.

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    Paper provided by Russian Presidential Academy of National Economy and Public Administration in its series Working Papers with number 041703.

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    Length: 90 pages
    Date of creation: Apr 2017
    Handle: RePEc:rnp:wpaper:041703
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