Feedback to the ECB’s Monetary Analysis: The Bank of Russia’s Experience with Some Key Tools

Alexey Ponomarenko, Elena Vasilieva and Franziska Schobert
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Elena Vasilieva: Bank of Russia, Russia

Journal of Banking and Financial Economics, 2014, vol. 2, issue 2, 116-150

Abstract: The paper investigates to what extent some basic tools of the ECBs monetary analysis can be useful for other central banks given their specific institutional, economic and financial environment. We take the case of the Bank of Russia in order to show how to adjust methods and techniques of monetary analysis for an economy that differs from the euro area as regards, for instance, the role of the exchange rate, the impact of dollarization and the functioning of sovereign wealth funds. A special focus of the analysis is the estimation of money demand functions for different monetary aggregates. The results suggest that there are stable relationships with respect to income and wealth and to a lesser extent to uncertainty variables and opportunity costs. Furthermore, the analysis also delivers preliminary results of the information content of money for inflation and for real economic development.

Keywords: Money demand; transition countries; cointegration analysis; inflation; real economic activity (search for similar items in EconPapers)
JEL-codes: E41 E52 E58 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (6)

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Working Paper: Feedback to the ECB's monetary analysis: the Bank of Russia's experience with some key tools (2012)
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