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Breaking monetary policy rules in Russia
Abstract
This study estimates whether the monetary policy rules of Bank of Russia have changed recently. Russia has moved towards inflation targeting over the past years, which is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a varian... view more
This study estimates whether the monetary policy rules of Bank of Russia have changed recently. Russia has moved towards inflation targeting over the past years, which is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of the Taylor rule depicts Bank of Russia's monetary policy over the past decade well. Moreover, there have been two clear breaks in the coefficients of the estimated monetary policy rule, possibly signifying a shift towards traditional inflation targeting and also the current recent economic turbulence.... view less
Keywords
Russia; inflation; monetary policy
Classification
Economic Policy
Free Keywords
monetary policy rule; Taylor rule; McCallum rule
Document language
English
Publication Year
2017
Page/Pages
p. 366-378
Journal
Russian Journal of Economics, 3 (2017) 4
ISSN
2618-7213
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0