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Inflation and Bank of Russia's Policy: Is There a Link?

Author

Listed:
  • Yulia Vymyatnina
  • Anna Ignatenko

    (St. Petersburg Institute for Economics and Mathematics, Russian Academy of Sciences (RAS))

Abstract

One of the most important aims of monetary policy of the Bank of Russia is to reduce CPI inflation under simultaneous stabilization of ruble exchange rate to the major world currencies. While such task setting is obviously contradictory and requires usage of additional instrument, it is unclear whether Central bank can influence inflation processes at all. The work inquires into how inflation is influenced by credit aggregates, oil prices and exchange rate as the major factors limiting possibilities of Bank of Russia's influence on the price level. Conclusions include recommendations on monetary policy of the Bank of Russia. (In Russian).

Suggested Citation

  • Yulia Vymyatnina & Anna Ignatenko, 2011. "Inflation and Bank of Russia's Policy: Is There a Link?," EUSP Department of Economics Working Paper Series 2011/03, European University at St. Petersburg, Department of Economics, revised 04 Mar 2011.
    • Handle: RePEc:eus:wpaper:ec2011_03
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    File URL: https://eusp.org/sites/default/files/archive/ec_dep/wp/ec-03_11.pdf
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    More about this item

    Keywords

    monetary policy; inflation; Bank of Russia; oil prices; exchange rate pass through;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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