Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153904
Authors: 
Ponomarenko, Alexey
Vasilieva, Elena
Schobert, Franziska
Year of Publication: 
2012
Series/Report no.: 
ECB Working Paper 1471
Abstract: 
The paper investigates to what extent some basic tools of the ECBs monetary analysis can be useful for other central banks given their specific institutional, economic and financial environment. We take the case of the Bank of Russia in order to show how to adjust methods and techniques of monetary analysis for an economy that differs from the euro area as regards, for instance, the role of the exchange rate, the impact of dollarization and the functioning of sovereign wealth funds. A special focus of the analysis is the estimation of money demand functions for different monetary aggregates. The results suggest that there are stable relationships with respect to income and wealth and to a lesser extent to uncertainty variables and opportunity costs. Furthermore, the analysis also delivers preliminary results of the information content of money for inflation and for real economic development.
Subjects: 
cointegration analysis
inflation
Money demand
real economic activity
transition countries
JEL: 
E41
E52
E58
Document Type: 
Working Paper

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