A Preliminary Evaluation of Monetary Policy Rules for Russia

Lucio Vinhas de Souza

Macroeconomics from University Library of Munich, Germany

Abstract: The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our results indicate that during the period of 1993-2002 the Bank of Russia has used monetary aggregates as a main policy instrument in conducting monetary policy.

Keywords: Monetary policy rules; exchange rate; central bank; Russia. (search for similar items in EconPapers)
JEL-codes: E52 E61 F33 F41 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2004-03-25
New Economics Papers: this item is included in nep-cis, nep-ifn, nep-mac, nep-mon and nep-tra
Note: Type of Document - pdf; pages: 28
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0403017

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