INTEREST RATE RULE FOR THE RUSSIAN MONETARY POLICY: NONLINEARITY AND ASYMMETRICITY

Taro Ikeda

Hitotsubashi Journal of Economics, 2010, vol. 51, issue 1, 1-11

Abstract: This study reconsiders the interest rate rule for the Russian monetary policy, of which no evidence was found in earlier studies. This study successfully estimates an interest rate rule. In order to obtain this result, we follow Surico (2007).s nonlinear approach. The main contributions of this study are as follows. Our empirical results indicate that the Russian monetary policy follows a nonlinear interest rate rule. Further, we clarify the preference of the monetary policy in subsample estimation. When the 1998 financial crisis is considered, Russia.s preference for output expansion is evident. According to Surico, this increases inflation in Russia.

Keywords: nonlinear rule; asymmetric objective; Bank of Russia (search for similar items in EconPapers)
JEL-codes: E52 E58 P51 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:hit:hitjec:v:51:y:2010:i:1:p:1-11

DOI: 10.15057/18601

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