Working Paper

A Preliminary Evaluation of Monetary Policy Rules for Russia

Kiel Working Papers, 1201

The paper reviews the recent conduct of monetary policy and the central bank's rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our results indicate that during the period of 1993-2002 the Bank of Russia has used monetary aggregates as a main policy instrument in conducting monetary policy.


Akram Esanov
Christian Merkl
Lúcio Vinhas de Souza


Publication Date
JEL Classification
E52, E61, F33, F41

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