Monetary Policy Rules for Russia

Akram Esanov, Christian P. Merkl and Lucio Vinhas de Souza ()
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Akram Esanov: Institute for World Economics, Postal: Research Assistant and student at the Advanced Studies Program (ASP) at the Institute for World Economics, Düsternbrooker Weg 120,, 24105 Kiel

No 11/2004, BOFIT Discussion Papers from Bank of Finland, Institute for Economies in Transition

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)
JEL-codes: E52 E61 F33 F41 (search for similar items in EconPapers)
Date: 2004-06-17
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Journal Article: Monetary policy rules for Russia (2005)
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Persistent link: http://EconPapers.repec.org/RePEc:hhs:bofitp:2004_011

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