Publication
Jan 2004
This paper reviews the conduct of monetary policy and the central bank's rule-based behavior in Russia in the period of 1993–2002. The authors test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in consistent and predictable manner. Their results indicate that during the examined period the Bank of Russia has used monetary aggregates as a main policy instrument in conduction monetary policy.
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English (PDF, 28 pages, 346 KB) |
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Author | Akram Esanov, Christian Merkl, Lúcio Vinhas de Souza |
Series | Kiel Institute Working Papers |
Issue | 1201 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2004 Kiel Institute for the World Economy |