Optimal economic policy and oil prices shocks in Russia
Roman Semko ()
EERC Working Paper Series from EERC Research Network, Russia and CIS
The goal of the paper is to explain and analyze whether Central Bank of Russia should include commodity prices into the lists of variables they try to respond. We augmented New Keynesian DSGE small open economy model of Dib (2008) with the oil stabilization fund and new Taylortype monetary policy rule and estimated the model using Bayesian econometrics. The results show that Central Bank’s mild response to the oil price changes may be desired in terms of minimizing fluctuations of inflation and output only in the case when stabilization fund would be absent, while this response is redundant when “excess” oil revenues can be saved in the fund.
JEL-codes: E12 E52 E58 F41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cis, nep-ene, nep-mac, nep-mon and nep-tra
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