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Monetary Policy Rules in the Countries of the Customs Union

Yulia Vymyatnina and Evgeniya Goryacheva

No 2014/05, EUSP Department of Economics Working Paper Series from European University at St. Petersburg, Department of Economics

Abstract: Using monthly and quarterly data for 2000-2012 for Belarus, Kazakhstan and Russia we estimate monetary policy rules for these countries. The aim of our study is to find out similarities and differences in monetary policy practices in these countries in order to evaluate potential problems in switching to unified macroeconomic policy that is envisaged within the Common Economic Area. We analyze official statements of the Central Banks, dynamics of major macroeconomic indicators, estimate modified monetary policy rules and conclude that Kazakhstan and Russia have similar monetary policy, while Belarus will have to change most of its practices in case the unified monetary policy is introduced in the Common Economic Area.

Keywords: Customs Union; Common Economic Area; monetary policy rules; inflation; Russia; Belarus; Kazakhstan (search for similar items in EconPapers)
JEL-codes: E52 F42 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2014-08-29
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