Monetary policy regimes in Russia: Guidelines for furtherquantitative studies

Author:

Pestova A.1

Affiliation:

1. National Research University Higher School of Economics; Center for Macroeconomic Analysis and Short-Term Forecasting, Institute of Economic Forecasting, RAS

Abstract

This paper analyzes the basic parameters of monetary policy in 2000-2015 in Russia. We provide the overview of tools and objectives of monetary policy of the Bank of Russia and identify the periods of homogeneity of monetary policy regimes: from money base targeting to exchange rate targeting and finally, to interest rates policy. On the basis of this research we develop the recommendations for further quantitative research aimed at estimation of monetary policy effects in Russia.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference27 articles.

1. Apokin A., Belousov D., Goloshchapova I., Ipatova I., Solntsev O. (2014). On the fundamental deficiencies of current monetary policy. Voprosy Ekonomiki, No. 12, pp. 80—100. (In Russian).

2. Badasen P., Isakov A., Khazanov A. (2015). Modern monetary policy: Relevant criticism or misunderstanding in the expert community? Voprosy Ekonomiki, No. 6, pp. 128—142. (In Russian).

3. Bezborodova A., Mihalenok Yu. (2015). Analysis of the monetary policy transmission mechanism in the Republic of Belarus: Bayesian approach. Quantile, No. 13, pp. 41—61. (In Russian).

4. Vashchelyuk N. V., Polbin A. V., Trunin P. V. (2015). Estimation of the monetary policy shock’s influence on the Russian Economy. Ekonomicheskiy Zhurnal VShE, No. 2, pp. 169—198. (In Russian).

5. Vdovichenko A. G., Voronina V. G. (2004). Monetary policy rules and their application in Russia (Scientific report No. 04/09). Moscow: Economic education and research consortium. (In Russian).

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