Money Demand: The Guide to Monetary Policy in Russia, 1997-2020

Olga Khon ()
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Olga Khon: Independent Researcher, Saint Petersburg

No 11113164, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: We estimate a short-run demand function, using the quarterly data available for modern Russian market - on the one-quarter basis for 1997-2020. Empirical results provide a stable money demand function that explains the short-run money velocity movement. The approach is based on econometric models and dynamic least square methods evaluation within the Akaike criterion applied for the authors? choice of leads and lags. The prior innovation related to model comparison of interest rates in money demand function ? from research-common money market rate to interbank market rate, amplifying proxy better-fitted for the Russian market.

Keywords: Monetary policy; money demand; money velocity; income elasticity; interest semi-elasticity (search for similar items in EconPapers)
JEL-codes: C50 E41 G28 (search for similar items in EconPapers)
Pages: 11 pages
New Economics Papers: this item is included in nep-cis, nep-mac, nep-mon and nep-tra
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Published in Proceedings of the Proceedings of the 55th International Academic Conference, Vienna, Nov -0001, pages 19-29

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