Сигналы о будущих изменениях ключевой ставки как инструмент информационной политики Банка России
Since 2013, the Bank of Russia has been applying the signals about the future policy moves as an instrument of forward guidance. The goal of the paper is to understand the effectiveness of this policy and its future prospects in Russia. To this purpose, the authors reconsider the main issues of time-based and data-based forward guidance in communication strategy of central banks. After that, they discuss the Bank of Russia’s forward guidance in 2013–2016 and suggest the ways for its further improvement.
The problem of optimal monetary policy is extremely relevant for Russia. Although the monetary authority claims that inflation targeting is the main goal of the monetary policy, empirical finding suggest that the real exchange rate targeting is of major importance (see Vdovichenko / Voronina 2004). Due to the rising flow of petrodollars, the rouble is currently experiencing a significant real appreciation. The fear to harm exports causes the monetary authority to respond by accumulating dollar reserves and increasing the money supply, thus preventing a nominal appreciation. Such policy leads to high inflation which benefits of some groups at the expense of others. That is why the optimal degree of intervention is in the centre of the current political and economic debate.
The first yearbook, published by the Observatoire franco-russe, aims to provide the most complete analysis possible of the situation in Russia. Bringing together the contributions of some 50 recognized experts, it is organized around four themes: the economy, internal politics and society, regions and foreign and defense policy. The fifth part, entitled “Franco-Russian Miscellany”, illustrates the history, diversity and exceptional richness of relations between our two countries. Considering discrepancies between perceptions of Russia in Europe and the evolutions that have occurred in the country since the end of the UDDR, the Observatoire wishes to provide dispassionate, in-depth, operational and accessible expertise. In other words, to restore a measure of nuance and complexity to a subject too often caricatured either intentionally or by ignorance.
The article is an analysis of basic directions forming region image in Russia during the imperial period. By example of information policy K.P. von Kaufman, the first governor-general of Turkestan, communication channels used at the second half of 19th century are examined, their effectiveness is valued.
This compendium comprises articles on legal and technological issues of Internet Governance in sphere of human rights prepared by the group of legal and technical scholars of information studies of the Higher School of Economics. This compound is devoted to the workshop on ‘Human Rights on the Internet: legal frames and technological implications’ organized by the Higher School of Economics on the 7th Internet Governance Forum (Baku, Azerbaijan, 6-9 November, 2012).
In this paper we analyze official monthly inflation forecast in Russia using ARMA-model. The main purpose of the analysis is to test hypotheses about whether the official inflation forecast is an instrument of monetary policy.
The paper analyzes the basic principles of interaction between government agencies and involved PR organizations, identifies goals and objectives of media campaigns, and compares the modern Russian practice with the experience of other countries.
This paper analyzes a stylized model of an export-oriented economy. It investigates the impact of macroeconomic policies on the dynamics of the exchange rate, inflation, output and stabilization fund and consider different forms of strategic interaction between the government and the central bank. It is shown that the effective interaction of fiscal and monetary policies is possible under Stackelberg interaction with the government as leader and under cooperation.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.