A monetary policy rule for Russia, or is it rules?

Arbeitspapier

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.

Object Details

• ISBN: 978-952-323-089-7
• Language: Englisch

References and Relationships

• Bibliographic citation: Series: BOFIT Discussion Papers ; No. 2/2016

Classification and Topics

• Classification: Wirtschaft ; Price Level; Inflation; Deflation ; Interest Rates: Determination, Term Structure, and Effects ; Monetary Policy ; Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Korhonen, Iikka ; Nuutilainen, Riikka
• Event: Veröffentlichung
• (who): Bank of Finland, Institute for Economies in Transition (BOFIT)
• (where): Helsinki
• (when): 2016

Further information

• Handle: http://hdl.handle.net/10419/212845
• Last update: 10.03.2025, 11:42 AM CET