Monetary Policy Rules for Russia

38 Pages Posted: 18 Sep 2007

See all articles by Akram Esanov

Akram Esanov

Kansas State University

Christian Merkl

University of Erlangen-Nuremberg-Friedrich Alexander Universität Erlangen Nürnberg; IZA Institute of Labor Economics

Lucio Vinhas Vinhas de Souza

DG-ECFIN, European Commission; UNU-CRIS

Multiple version iconThere are 2 versions of this paper

Date Written: June 17, 2004

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

JEL Classification: E52, E61, F33, F41

Suggested Citation

Esanov, Akram and Merkl, Christian and Vinhas de Souza, Lucio Vinhas, Monetary Policy Rules for Russia (June 17, 2004). BOFIT Discussion Paper No. 11/2004. Available at SSRN: https://ssrn.com/abstract=1015232 or http://dx.doi.org/10.2139/ssrn.1015232

Akram Esanov (Contact Author)

Kansas State University ( email )

Manhattan, KS 66506
United States

Christian Merkl

University of Erlangen-Nuremberg-Friedrich Alexander Universität Erlangen Nürnberg

Schloßplatz 4
Erlangen, DE Bavaria 91054
Germany

IZA Institute of Labor Economics ( email )

P.O. Box 7240
Bonn, D-53072
Germany

Lucio Vinhas Vinhas de Souza

DG-ECFIN, European Commission ( email )

BU-1 05/190
Brussels, Bruxelles B-1049
Belgium

HOME PAGE: http://www.vinhasdesouza.eu

UNU-CRIS ( email )

Potterierei 72
Brugge, 8000
Belgium

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
125
Abstract Views
1,170
rank
234,653
PlumX Metrics