A Preliminary Evaluation of 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.
References listed on IDEAS
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- Laurence M. Ball, 1999.
"Policy Rules for Open Economies,"
NBER Chapters,in: Monetary Policy Rules, pages 127-156
National Bureau of Economic Research, Inc.
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- W. A. Razzak, 2003. "Is the Taylor Rule Really Different from the McCallum Rule?," Contemporary Economic Policy, Western Economic Association International, vol. 21(4), pages 445-457, October.
- 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.
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- 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.
- Detken, Carsten & Gaspar, Vítor, 2003. "Maintaining price stability under free-floating: a fearless way out of the corner?," Working Paper Series 241, European Central Bank. Full references (including those not matched with items on IDEAS)
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