A Preliminary Evaluation of Monetary Policy Rules for Russia

Akram Esanov, Christian P. Merkl and Lucio Vinhas de Souza ()

Kiel Working Papers from Kiel Institute for the World Economy

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)
New Economics Papers: this item is included in nep-cis, nep-cwa, nep-ifn, nep-mac and nep-mon
Date: 2004-01
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Related works:
Working Paper: A Preliminary Evaluation of Monetary Policy Rules for Russia (2004)
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Persistent link: http://EconPapers.repec.org/RePEc:kie:kieliw:1201

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