A Preliminary Evaluation of Monetary Policy Rules for Russia

Kiel Working Paper No. 1201

28 Pages Posted: 1 Apr 2004

Date Written: March 2004


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

Vinhas de Souza, Lucio Vinhas, A Preliminary Evaluation of Monetary Policy Rules for Russia (March 2004). Kiel Working Paper No. 1201. Available at SSRN: https://ssrn.com/abstract=522682 or http://dx.doi.org/10.2139/ssrn.522682

Lucio Vinhas Vinhas de Souza (Contact Author)

DG-ECFIN, European Commission ( email )

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

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

UNU-CRIS ( email )

Potterierei 72
Brugge, 8000

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