BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
Akram Esanov, Christian Merkl and Lúcio Vinhas de Souza
Monetary Policy Rules for Russia
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; (follow links to similar papers)
JEL-Codes: E52; E61; F33; F41; (follow links to similar papers)
38 pages, June 17, 2004
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