Breaking monetary policy rules in Russia
Korhonen, Iikka; Nuutilainen, Riikka (05.10.2017)
Numero
9/2017Julkaisija
Suomen PankkiBank of Finland
2017
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-201710051627Tiivistelmä
In this paper we estimate whether monetary policy rules of Bank of Russia have changed during the recent past. Russia has moved towards inflation targeting throughout past years, and this is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of Taylor rule depicts Bank of Russia’s monetary policy quite well during the past decade or so. Moreover, there clearly have been two breaks in the coefficients of the estimated monetary policy rule, possibly signifying shift towards traditional inflation targeting, but also the current recent economic turbulence.
Julkaisuhuomautus
Published in Russian Journal of Economics, Volume 3, Issue 4, December 2017, Pages 366–378