Breaking monetary policy rules in Russia

Iikka Korhonen and Riikka Nuutilainen

Russian Journal of Economics, 2017, vol. 3, issue 4, 366-378

Abstract: This study estimates whether the monetary policy rules of Bank of Russia have changed recently. Russia has moved towards inflation targeting over the past years, which is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of the Taylor rule depicts Bank of Russia's monetary policy over the past decade well. Moreover, there have been two clear breaks in the coefficients of the estimated monetary policy rule, possibly signifying a shift towards traditional inflation targeting and also the current recent economic turbulence.

Keywords: monetary policy rule; Taylor rule; McCallum rule; Russia; inflation (search for similar items in EconPapers)
JEL-codes: E31 E43 E52 P33 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:rujoec:v:3:y:2017:i:4:p:366-378

DOI: 10.1016/j.ruje.2017.12.004

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