Working Paper

A Preliminary Evaluation of Monetary Policy Rules for Russia


  • Esanov
  • A.
  • Merkl
  • C.
  • Vinhas de Souza
  • L.
Publication Date

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.


JEL Classification
E52, E61, F33, F41

Key Words

  • central bank
  • Exchange rate
  • monetary policy rules
  • Russia
  • Russland

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