The effect of the transfer dynamics of the ruble exchange rate in prices in Russian industries

Эффект переноса динамики обменного курса рубля в цены в российских отраслях промышленности

Yuriy Ponomarev

Ekonomicheskaya Politika / Economic Policy, 2015, vol. 5, 53-70

Abstract: This article analyzes the effect of the transfer dynamics of the ruble exchange rate in producer prices of industrial products in the Russian economy during the 2000-2014 period. To obtain estimates of the effect of the transfer, in the short and medium term at the level of various economic activities and identify the main determinants of this effect is used by the authors constructed a model error correction. The results show that the effect of transferring the exchange rate in producer prices in Russia is quite high, and the immediate "transfer" of exchange rate fluctuations in producer prices is fast enough. Thus there is considerable heterogeneity in the effect of the transfer of economic activity caused by varying degrees of use of imported goods as component parts and equipment.

Keywords: carryover effect; inflation; monetary policy; vector error correction model (search for similar items in EconPapers)
JEL-codes: C32 E31 E52 F31 F41 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:ep1558

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