EconPapers    
Economics at your fingertips  
 

Monetary Policy of Bank of Russia: Strategy and Tactics

Eugene Goryunov, Sergey Drobyshevsky and Pavel Trunin

VOPROSY ECONOMIKI, 2015, vol. 4

Abstract: In recent years Bank of Russia has made several major changes in its monetary regime, including elimination of the exchange rate corridor and introduction of the key rate as the main monetary policy instrument. The article discusses these developments in the context of long-term priorities of the monetary authority. We put emphasis on the extent to which monetary policy should stimulate economic growth and assess whether the policy of the Central Bank of RF was excessively tight in 2010—2014. In order to do that we use the real interest rate on short-term loans in the interbank market as an indicator of monetary policy tightness. Cross-country comparisons together with the analysis of dynamics of selected indicators suggest that Bank of Russia’s policy was rather soft. We conclude with comments regarding tactics of monetary policy under current turbulent macroeconomic conditions.

Keywords: monetary policy; economic growth; inflationary expectations; inter-bank market; foreign exchange market. (search for similar items in EconPapers)
JEL-codes: E31 E42 E43 E44 E52 E58 E61 F31 G18 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (8) Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:2015-04-4

Access Statistics for this article

More articles in VOPROSY ECONOMIKI from N.P. Redaktsiya zhurnala "Voprosy Economiki"
Bibliographic data for series maintained by Sergei Parinov ().

 
Page updated 2020-06-19
Handle: RePEc:nos:voprec:2015-04-4