A Preliminary Evaluation of Monetary Policy Rules for Russia

Lucio Vinhas de Souza ()

Macroeconomics from EconWPA

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-ifn, nep-mac, nep-mon and nep-tra
Date: 2004-03-25
Note: Type of Document - pdf; pages: 28
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http://129.3.20.41/eps/mac/papers/0403/0403017.pdf (application/pdf)

Related works:
Working Paper: A Preliminary Evaluation of Monetary Policy Rules for Russia (2004)
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