Working Paper
A Preliminary Evaluation of Monetary Policy Rules for Russia
Kiel Working Papers, 1201
Authors
Publication Date
JEL Classification
E52
E61
F33
F41
Key Words
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.
