Monetary Stabilization: Modeling and Estimation for Russian Economy in 2004-2012

I. Khvostova and Anna Novak
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I. Khvostova: National Research University Higher School of Economics, Nizhny Novgorod, Russia

Journal of the New Economic Association, 2014, vol. 23, issue 3, 89-105

Abstract: The authors analyze the Russian monetary policy in 2004-2012. They present a model that describes short run nonlinear monetary dynamics inducing the balance of payments and policy shocks. Central Bank's international reserves are considered as the key factor of monetary and exchange rate stabilization using "ad hoc" monetary rule. Empirical analysis of the model is carried out with Bayesian techniques. Estimation measures the difference in Central Bank's preferences in crisis and postcrisis periods.

Keywords: monetary stabilization; monetary rule; Bayesian estimation (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2014:i:23:p:89-1051

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