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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
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Breaking monetary policy rules in Russia, Russian Journal of Economics 4 (2017). Nuutilainen, Riikka; Korhonen, Iikka

Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Nuutilainen, Riikka; Korhonen, Iikka 
Number of authors
Status Published
Year of publication 2017 
Date 30.12.2017 
Name of article Breaking monetary policy rules in Russia 
Name of journal Russian Journal of Economics
Volume of issue
Number of issue
Pages 366–378 
Abstract This study estimates whether the monetary policy rules of Bank of Russia have changed recently. Russia has moved towards inflation targeting over the past years, which is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of the Taylor rule depicts Bank of Russia's monetary policy over the past decade well. Moreover, there have been two clear breaks in the coefficients of the estimated monetary policy rule, possibly signifying a shift towards traditional inflation targeting and also the current recent economic turbulence.
Free text descriptor in Finnish rahapolitiikka; säännöt; Venäjä; keskuspankit; inflaatio; tavoitteet; Taylorin sääntö; McCallumin sääntö 
Free text descriptor in English monetary policy rule; Taylor rule; McCallum rule; Russia; inflation 
JEL-codes E31; E43; E52; P33 
ISSN / e-ISSN 2405-4739 
auki Internet addresses
Additional information Available online 29 December 2017
Notes BOFIT Policy Brief 9/2017 

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