BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
A monetary policy rule for Russia, or is it rules?
() 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
Before downloading any of the electronic versions below
you should read our statement on
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Full text versions of the paper:
Questions (including download problems) about the papers in this series should be directed to Päivi Määttä ()
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Design by Joachim Ekebom