The effects of foreign exchange and monetary policies in Russia

Shigeki Ono

Economic Systems, 2013, vol. 37, issue 4, 522-541

Abstract: This paper examines the effects of Russian foreign exchange and monetary policies under conditions of abundant natural resources during the period 1999–2011 using structural VAR models. The results suggest that monetary policy shocks, which are identified as money supply disturbances, have a persistent effect on real output, and more than half of the volatility in real output can be explained by changes in the money supply. Furthermore, the analysis reveals that stock prices are a more significant transmission channel of monetary policy than bank loans.

Keywords: Monetary policy; Natural resources; Structural VAR; Russia (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecosys:v:37:y:2013:i:4:p:522-541

DOI: 10.1016/j.ecosys.2013.03.003

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