• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Book chapter

Monetary Stabilisation: Modeling and Estimation for the Russian Economy

P. 671-681.

The paper analyses Russian monetary policy in 2004 – 2012. We present a model that describes short run nonlinear monetary dynamics induced by balance of payments and policy shocks. We consider Central Bank’s international reserves volume as the key factor of monetary and exchange rate stabilization using “ad hoc” monetary rule. Empirical analysis of the model is carried out with Bayesian techniques. Estimation measures the difference in Central Bank’s preferences in crisis and no crisis dynamics.