?
Interest Rate Channel of Monetary Policy Transmission: the Case of Russia
International Research Journal of Finance and Economics. 2012. No. 100. P. 96–111.
Balkovskaya D., Фильнева Л. И.
In this study we investigate two stages of the interest rate channel of monetary policy transmission in Russia. Firstly, we assess the ability of the Central Bank to systematically influence its operational interest rate. Further, we examine the effect of the operational rate on real variables, specifically output and inflation. We found that the operational rate increases have a negative impact on output growth rate with the lag of three quarters. Apart from this, we did not detect any significant effect of the operational rate on inflation. Our results provide evidence of the functional interest rate channel existence in the Russian economy. However, with the use of current operational interest rate it is not as effective as supposed to be. монетарная политика, монетарная трансмиссия, процентный канал, структурный VAR Monetary policy, Monetary transmission, Interest rate channel, Structural VAR
Research target:
Economics and Management
Language:
English
Lola I. S., Asoskov D., [б.и.], 2026.
Центр конъюнктурных исследований Института статистических исследований и экономики знаний НИУ ВШЭ представляет информационный обзор, характеризующий деловые тенденции, сложившиеся в отрасли информационных технологий (ИТ-отрасль) в 2025 г.
Работа базируется на результатах ежегодного специализированного конъюнктурного мониторинга деловой и цифровой активности около 700 организаций, оказывающих информационно-технологические услуги (код по ОКВЭД 2 – 62, 63). Мониторинг проводился АНО ИИЦ «Статистика России» по заказу ...
Added: May 20, 2026
Lola I. S., Ostapkovich G. V., Asoskov D. et al., ИСИЭЗ НИУ ВШЭ, 2026.
Центр конъюнктурных исследований Института статистических исследований и экономики знаний Национального исследовательского университета «Высшая школа экономики» подготовил информационно-аналитический материал, характеризующий экономические настроения российских предпринимателей и потребителей в I кв. 2026 г. - «Индекс экономического настроения (ИЭН ВШЭ)». Информационная база мониторинга содержит накопленную за 1998-2026 гг. категориальную статистику «балансов мнений», базирующуюся на ответах респондентов. Такая «мягкая» качественная статистика ...
Added: May 20, 2026
Кумар В., MSW Management 2026 Vol. 36 No. 1s P. 1746–1753
This study explores how profitability, export efficiency, and cost functionality correlated with the financial sustainability index (FSI) for Indian manufacturing companies and the development of the early warning system. The study was conducted on 50 Indian manufacturing companies those participate in the export business, whose data has been collected for the nine quarters from 2023 ...
Added: May 19, 2026
Tekic A., Nguen C. M., Business Horizons 2026 Article In Press, Journal Pre-proof
Fast-moving consumer goods (FMCG) firms face intense pressure to internationalize, yet the traditional playbook—lengthy R&D cycles, costly market research, and standardized campaigns—often struggles to deliver local relevance at speed. This article argues that crowdsourcing—digitally mediated, large-scale consumer participation—can complement established internationalization tools by mobilizing local knowledge and community endorsement to mitigate key aspects of the ...
Added: May 19, 2026
Ulanov V. L., Springer, 2026.
This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, ...
Added: May 19, 2026
Semerikova E. V., Салов А. И., The Journal of the New Economic Association 2026 Vol. 1 No. 70 P. 221–237
In this paper, we assess the extent of agglomeration externalities that
mirror on labour productivity gains while accounting for the direct and indirect effects
of transportation exposure. To this end we combine data on the local average wage and
employment with comprehensive information on the public transportation and road networks
of the Saint Petersburg Metropolitan Area, one of the ...
Added: May 19, 2026
Voytenkov V., Emerging Markets Review 2026 No. 101482 P. 1–37
This paper examines the effects of the 2008, 2014, and 2020 crises on household consumption patterns in Russian regions. The micro-level analysis is conducted using quarterly data from Rosstat's Household Budget Survey. Dependent variables are expenditure on food at home, out-of-home, alcohol, non-food items, services. Explanatory variables are household characteristics and dummy variables that capture ...
Added: May 18, 2026
Lodiagin B., Nazarova V., Rincon C. J., URBAN, PLANNING AND TRANSPORT RESEARCH 2026 Vol. 14 No. 1
This study applies an established social cost–benefit analysis (CBA), combined with sequential shock scenarios (COVID-19 and the post-2022 sanctions) and Monte Carlo sensitivity analysis, to evaluate the welfare robustness and recovery dynamics of the Pulkovo Airport PPP renovation project (St. Petersburg, Russia). Using traffic, operations, and cargo forecasts through 2040, we compare a pre-shock baseline ...
Added: May 17, 2026
Brodetskiy G., Gerami V., Shidlovskii I. et al., Транспорт: наука, техника, управление 2026 № 3 С. 3–8
В статье предложен специальный метод модификации процедур многокритериальной оптимизации. Он позволяет расширить набор критериев выбора, чтобы учитывать предпочтения лица, принимающего решения (ЛПР) как раз в моделях транспортного обеспечения работы цепей поставок. Реализуется изменение наклона направляющей для линий уровня критерия выбора в пространстве значений частных критериев (с нацеливанием выбора на утопическую точку). Разработаны и представлены требуемые ...
Added: May 17, 2026
Федоров Н. С., Финансовый журнал 2025 Т. 17 № 6 С. 99–112
The DCF model is one of the most commonly used models in valuing companies for investment deci sions. Nevertheless, estimating the accuracy of this model remains an important research question. This article presents an assessment of the accuracy of DCF model specifications based on analyzing the variance of fair share prices of companies listed on ...
Added: May 15, 2026
Федоров Н. С., Финансы и бизнес 2025 Т. 21 № 3 С. 34–50
Currently, the role of artificial intelligence is increasingly playing a significant role in various fields, including the increasing role of machine learning in finance. On the other hand, company valuation remains an important part of research due to its difficulty in correctly predicting the accuracy of target stock prices. This study provides an analysis of ...
Added: May 15, 2026
Penikas H. I., Potashev N., В кн.: Сборник лучших докладов конференции "Ломоносовские чтения" (2025).: М.: Экономический факультет МГУ им. М.В. Ломоносова, 2026. С. 219–236.
В работе исследуется вопрос, приводят ли инфляционные ожидания (ИО), полученные из вопросов разной глубины и агрегированные с учетом уровня уверенности респондентов, к статистически отличающимся распределениям по сравнению с традиционной методологией инФОМ. На основе данных внутреннего опроса Банка России показано, что схемы агрегирования, учитывающие разделение респондентов на группы в зависимости от уровня их осознанности, формируют распределения ...
Added: May 12, 2026
Strizhkova D., / Институт русской литературы (Пушкинский Дом) РАН. Серия B001 "Репозиторий открытых данных по русской литературе и фольклору". 2026.
В базе данных представлена роспись русскоязычных литературных произведений и отрывков, напечатанных в учебниках по словесности, хрестоматиях, книгах для чтения, сборниках стихотворений и рассказов, выходивших во Франции, Германии, Латвии, Эстонии, Болгарии, Сербии в период первой волны русской эмиграции с 1918 по 1939 гг. Датасет представляет интерес для исследователей школьного литературного канона, эмиграции и детского чтения ...
Added: April 22, 2026
Жигунов А. Ю., / Basic Research Programme. Серия HUM "Humanities". 2026. № 1.
The article attempts to describe the features of the educational potential of Russian animation programmes in aspect of the representation of traditional spiritual and moral values. Based on media and semiotic analysis, the method of cultural and historical interpretation, animated Russian projects created from 2000 to the 2025, which were translated on television channels or streaming ...
Added: April 19, 2026
Zvereva V., Вопросы экономики 2026 № 4 С. 100–129
This paper examines the hypothesis of asymmetric responses of bank interest rates to restrictive and accommodative monetary policy conducted by the Bank of Russia across different market segments, industries, and macroregions over the period 2017—2025. Using a Markov-switching error-correction model, the paper estimates the effects of monetary policy shocks, households’ inflation expectations, firms’ price expectations, ...
Added: April 8, 2026
Ustyuzhanin V., / Series Econometrics "arxiv". 2026.
This paper proposes Covariate-Balanced Weighted Stacked Difference-in-Differences (CBWSDID), a design-based extension of weighted stacked DID for settings in which untreated trends may be conditionally rather than unconditionally parallel. The estimator separates within-subexperiment design adjustment from across-subexperiment aggregation: matching or weighting improves treated-control comparability within each stacked subexperiment, while the corrective stacked weights of Wing et ...
Added: April 3, 2026
Vorchik A., / Social Science Research Network. Серия SSRN Working Paper Series "SSRN Working Paper Series". 2026.
This article is devoted to the phenomenon of intrinsic motivation, to understand which two models are proposed. We study how positive/negative intrinsic motivation to work (experienced utility) affects worker's individual labour supply (model I) and the amount of effort they exert (model II). In model I, we use intrinsic motivation to explain the positive/negative slope ...
Added: March 15, 2026
Senin V., Хамидуллин Т. Р., Бизнес. Общество. Власть 2025 № 2 (56) С. 19–31
The past four years have been an extremely challenging period for our economy. Thus, the country faced a covid and the restrictions it caused, followed by the need to rebuild the real sector and services affected by the pandemic. Then a special military operation began and was followed by the imposition of sanctions, the withdrawal ...
Added: February 13, 2026
Vorchik A., Мамышев М. А., / Series Social Science Research Network "Social Science Research Network". 2025.
In this paper, we develop a formal mathematical model aimed to explain the Dunning-Kruger effect that beginners systematically overestimate their own competence in various fields of knowledge and activity. We argue that the Dunning-Kruger effect arises from the emotional nature of confidence combined with unknown unknowns that it simply can not take into account due ...
Added: February 11, 2026
Musaev A. U., Vorchik A., / Series Social Science Research Network "Social Science Research Network". 2026.
This paper attempts to model the evolutionary theory of modernization and democratization. The model reflects the key provisions of R. Inglehart and C. Welzel's theory and provides a microfoundation for the adaptation of subjective values to the objective importances of the survival factors and the structure of the labour markets from the perspective of evolutionary ...
Added: February 10, 2026
Antsygina A., Teteryatnikova M., Tremewan J. C. et al., / Series "SSRN Working Paper Series". 2025.
Many competitive environments allow for a third party to be indirectly involved by supporting one or both sides in the conflict. Such support can come from trade partners, colleagues, or allies, who can in turn benefit from a supported party's success. We use theory and an experiment to investigate how support relationships develop endogenously in ...
Added: January 31, 2026
Akhmedova A., / Series "SSRN Working Paper Series". 2026.
The study explores a psychological phenomenon of inaction inertia-avoiding action after missing a more favourable opportunity. Unlike action inertia (e.g.,sunk costs effect), inaction inertia has been less studied, particularly in economic contexts. Considering the reference dependent nature of the phenomenon, I build on the work of Kőszegi and Rabin (2006) to examine how past experiences ...
Added: January 23, 2026
Kuchumova (Paramonova) Y. A., Ozhegova A., Зорина К. С., / Series SSRN "Available at SSRN 6108727". 2026.
Simplified tax regimes with explicit eligibility thresholds are a common tool which reduces tax burden but distorts firms’ behavior, creating local bunching just below the threshold. However, we show that when firms have access to business splitting their responses extend far beyond the local margin. Our model demonstrates that splitting reduces local bunching but amplifies ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., Кумачева С. Ш., / Series SSRN "Available at SSRN 5312100". 2025.
In recent years, an emerging body of empirical research has shown that tax audits, in addition to recovering unpaid taxes (direct effect), increase future tax compliance (indirect or dynamic effect). This literature also suggests that updating expectations induced by audit experience plays an important role in explaining this indirect effect. However, exactly how taxpayers form ...
Added: January 21, 2026