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Article

Сигналы о будущих изменениях ключевой ставки как инструмент информационной политики Банка России

Деньги и кредит. 2016. № 11. С. 19-25.

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.