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On the limits of the possibility of inflation targeting

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  • K. Korishchenko
  • N. Pilnik

Abstract

The purpose of this article is to identify the main determinants of consumer price growth in the Russian economy. To achieve this goal, the degree of influence on inflation of the monetary policy of the Bank of Russia, tariff regulation and ruble exchange rate has been determined in the course of the work. The econometric model of inflation formation is used as a research tool depending on the dynamics of the main factors. The article explores the reasons for the significant growth in the volatility of the dollar and, as a consequence, its impact on consumer inflation. According to the presented model, the main volatility generators are the volatility of oil prices and the policy regime of exchange rate management.

Suggested Citation

  • K. Korishchenko & N. Pilnik, 2017. "On the limits of the possibility of inflation targeting," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 10.
    • Handle: RePEc:nos:voprec:y:2017:id:350
    DOI: 10.32609/0042-8736-2017-10-71-87
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