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https://doi.org/10.1016/j.ruje.2017.12.004
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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... mehr
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.... weniger
Thesaurusschlagwörter
Russland; Inflation; Geldpolitik
Klassifikation
Wirtschaftspolitik
Freie Schlagwörter
monetary policy rule; Taylor rule; McCallum rule
Sprache Dokument
Englisch
Publikationsjahr
2017
Seitenangabe
S. 366-378
Zeitschriftentitel
Russian Journal of Economics, 3 (2017) 4
ISSN
2618-7213
Status
Veröffentlichungsversion; begutachtet
Lizenz
Creative Commons - Namensnennung, Nicht kommerz., Keine Bearbeitung 4.0