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Article

Анализ связи между курсовой политикой ЦБ и процентными ставками: непокрытый и покрытый паритет

Гурвич Е. Т., Соколов В. Н., Улюкаев А. В.

The ability of a central bank to conduct an independent monetary policy is a key condition for switching to a free floating exchange rate regime and for pursuing inflation targeting policies. The objective of our study is to evaluate how the exchange rate policies conducted by the Russian Central Bank (RCB) during different periods have impacted the domestic money market. We estimate the sensitivity of domestic interest rates to their foreign counterparts through uncovered and covered interest rate parities and find significant variations in the coefficient estimates for different phases of exchange rate policies. This dynamics allows us to assess how successful the RCB were in its efforts to create an institutional background enabling a gradual transition to free floating and inflation targeting monetary policies.