Analysis of the Monetary Policy Rule in the Russian Economy

Oleg Salmanov, Natalia Vladimirovna Babina, Vadim Yaroslavovich Ovsiychuk, Irina Petrovna Drachena and Evgeniya Viktorovna Vikulina
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Natalia Vladimirovna Babina: Moscow Region University of Technology (UNITECH), the city of Korolev, Russian Federation, Gagarina Street, 42, Korolev, Moscow Region, 141070, Russian Federation, Russian
Vadim Yaroslavovich Ovsiychuk: Moscow Region University of Technology (UNITECH), the city of Korolev, Russian Federation, Gagarina Street, 42, Korolev, Moscow Region, 141070, Russian Federation, Russian
Irina Petrovna Drachena: Moscow Region University of Technology (UNITECH), the city of Korolev, Russian Federation, Gagarina Street, 42, Korolev, Moscow Region, 141070, Russian Federation, Russian
Evgeniya Viktorovna Vikulina: Moscow Region University of Technology (UNITECH), the city of Korolev, Russian Federation, Gagarina Street, 42, Korolev, Moscow Region, 141070, Russian Federation, Russian

The Journal of Social Sciences Research, 2018, 304-312 Special Issue: 3

Abstract: This article summarizes the results of an empirical study of the monetary policy in the Russian economy. The goal of the work is to establish the conformity of the regulator’s policy to the "monetary policy rule". For this purpose, the monetary policy rules are assessed: from the Taylor and McCallum rules to various modifications of rules corresponding to an open economy. Models are assessed using the generalized method of moments. Empirical results are analyzed. The inertia of the regulator’s policy is analyzed, and the estimated smoothing coefficients in the monetary policy rules are compared with estimates in emerging and developed countries.

Keywords: Central bank; Monetary policy; Taylor rule. (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:arp:tjssrr:2018:p:304-312

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