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Monetary Policy Rules in the Countries of the Customs Union

Author

Listed:
  • Yulia Vymyatnina
  • Evgeniya Goryacheva

Abstract

Using monthly and quarterly data for 2000-2012 for Belarus, Kazakhstan and Russia we estimate monetary policy rules for these countries. The aim of our study is to find out similarities and differences in monetary policy practices in these countries in order to evaluate potential problems in switching to unified macroeconomic policy that is envisaged within the Common Economic Area. We analyze official statements of the Central Banks, dynamics of major macroeconomic indicators, estimate modified monetary policy rules and conclude that Kazakhstan and Russia have similar monetary policy, while Belarus will have to change most of its practices in case the unified monetary policy is introduced in the Common Economic Area.

Suggested Citation

  • Yulia Vymyatnina & Evgeniya Goryacheva, 2014. "Monetary Policy Rules in the Countries of the Customs Union," EUSP Department of Economics Working Paper Series 2014/05, European University at St. Petersburg, Department of Economics.
    • Handle: RePEc:eus:wpaper:ec2014_05
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    File URL: https://eusp.org/sites/default/files/archive/ec_dep/wp/Ec-05_14.pdf
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    More about this item

    Keywords

    Customs Union; Common Economic Area; monetary policy rules; inflation; Russia; Belarus; Kazakhstan;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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