A Preliminary Evaluation of Monetary Policy Rules for Russia - Kiel Institute

Authors

Esanov
A.
Merkl
C.
Vinhas de Souza
L.

Publication Date

01/2004

JEL Classification

E52 E61 F33 F41

Key Words

central bank

Exchange rate

monetary policy rules

Russia

Russland

Related Topics

Russia

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.

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