INTEREST RATE RULE FOR THE RUSSIAN MONETARY POLICY : NONLINEARITY AND ASYMMETRICITY

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概要

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• This study reconsiders the interest rate rule for the Russian monetary policy, of which no evidence was found in earlier studies. This study successfully estimates an interest rate rule. In order to obtain this result, we follow Surico (2007).s nonlinear approach. The main contributions of this study are as follows. Our empirical results indicate that the Russian monetary policy follows a nonlinear interest rate rule. Further, we clarify the preference of the monetary policy in subsample estimation. When the 1998 financial crisis is considered, Russia.s preference for output expansion is evident. According to Surico, this increases inflation in Russia.

• 一橋大学の論文

著者

• Ikeda Taro

  Graduate School Of Economics Kobe University

関連論文

• INTEREST RATE RULE FOR THE RUSSIAN MONETARY POLICY : NONLINEARITY AND ASYMMETRICITY

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