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Monetary policy rules for Russia

Akram Esanov, Christian Merkl and Lúcio Vinhas de Souza

No 11/2004, BOFIT Discussion Papers from Bank of Finland Institute for Emerging Economies (BOFIT)

Abstract: 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.

Keywords: monetary policy rules; exchange rate; central bank; Russia (search for similar items in EconPapers)
Date: 2004
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