Russian Federation: Selected Issues
International Monetary Fund
No 2007/352, IMF Staff Country Reports from International Monetary Fund
Abstract:
This Selected Issues paper on the Russian Federation underlies inflation persistence and evolution in response to structural shocks. Inflation in Russia has been characterized by a considerable degree of persistence. An explicit inflation-targeting framework may help reduce firms’ uncertainty about the future. This, in turn, may allow firms to be more forward-looking, thereby reducing persistence. The exchange rate is the Central Bank of Russia’s (CBR) main policy instrument for controlling inflation. Allowing more nominal appreciation would help to keep inflation on a downward path and better anchor inflation expectations.
Keywords: ISCR; CR; public expenditure; expenditure efficiency; exchange rate shock; producer price inflation; inflation expectation; surprise inflation shock; Inflation; Health care spending; Africa; Central and Eastern Europe (search for similar items in EconPapers)
Pages: 55
Date: 2007-10-23
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Citations: View citations in EconPapers (2)
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