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The impact of inflation expectations on the effects of monetary policy
[Влияние Инфляционных Ожиданий На Последствия Денежно-Кредитной Политики]

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  • Perevyshin, Yuriy (Перевышин, Юрий)

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

  • Petrova, Diana (Петрова, Диана)

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

Abstract

Inflation expectations of economic agents play a key role in the efficiency of monetary policy conducted by a central bank. In this study we obtained estimates of inflation expectations based on the government bonds yields. We also developed methodology for conducting a population survey on the perceived and expected change in prices, and summarized results of the first such survey. After that we simulated the effects of the monetary policy shock with various methods of inflation expectations formation. Finally, we assessed the degree of confidence in the actions and policies of the Bank of Russia by households and the expert community.

Suggested Citation

  • Perevyshin, Yuriy (Перевышин, Юрий) & Petrova, Diana (Петрова, Диана), 2019. "The impact of inflation expectations on the effects of monetary policy [Влияние Инфляционных Ожиданий На Последствия Денежно-Кредитной Политики]," Working Papers 041918, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:wpaper:041918
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