Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212845 
Year of Publication: 
2016
Series/Report no.: 
BOFIT Discussion Papers No. 2/2016
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Abstract: 
We estimate several monetary policy rules for Russia for the period 2003–2015. We find that the traditional Taylor rule describes the conduct of monetary policy in Russia reasonably well, whether coefficients are restricted to being the same or allowed to change over the sample period. We find that the Bank of Russia often overshot its inflation target and that extensive overshooting is associated with large depreciations of the ruble, testifying to the importance of the exchange rate in the conduct of monetary policy in Russia.
JEL: 
E31
E43
E52
P33
Persistent Identifier of the first edition: 
ISBN: 
978-952-323-089-7
Document Type: 
Working Paper

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