BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 2/2016:
A monetary policy rule for Russia, or is it rules?
Iikka Korhonen ()
and Riikka Nuutilainen ()
Abstract: We estimate several monetary policy rules for Russia for
the period 2003–2015. We find that the traditional Taylor rule describes
the conduct of monetary policy in Russia reasonably well, whether
coefficients are restricted to being the same or allowed to change over the
sample period. We find that the Bank of Russia often overshot its inflation
target and that extensive overshooting is associated with large
depreciations of the ruble, testifying to the importance of the exchange
rate in the conduct of monetary policy in Russia.
Keywords: monetary policy rule; Taylor rule; McCallum rule; Russia; inflation; (follow links to similar papers)
JEL-Codes: E31; E43; E52; P33; (follow links to similar papers)
26 pages, February 25, 2016
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