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Analysis of the Impact of Non-Standard Monetary Policy Measures on the Main Macroeconomic Indicators
[Анализ Влияния Нестандартных Мер Монетарной Политики На Основные Макроэкономические Показатели]

Author

Listed:
  • Vashelyuk, Natalya (Ващелюк, Наталья)

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Trunin, Pavel (Трунин, Павел)

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

Abstract

This paper examines the impact of nonstandard monetary policy measures on money market and their economy-wide effects. Four groups of nonconventional measures (quantitative easing, direct and indirect credit easing, forward guidance) and the way in which these operations were conducted in developed and emerging economies are explored. The study of nonstandard liquidity providing measures taken by the Bank of Russia revealed that the main challenges for monetary policy implementation are enhancing the transparency of monetary policy, minimizing distortional effects and appropriate risk management. We also found the evidence of the effectiveness of the credit auctions for 3-month loans secured by assets or guarantees. The regression analysis of the nonstandard liquidity easing measures showed that the increase in pace of providing the loans secured by non-marketable assets or guaranties puts a downward pressure on MosPrime rates.

Suggested Citation

  • Vashelyuk, Natalya (Ващелюк, Наталья) & Trunin, Pavel (Трунин, Павел), 2015. "Analysis of the Impact of Non-Standard Monetary Policy Measures on the Main Macroeconomic Indicators [Анализ Влияния Нестандартных Мер Монетарной Политики На Основные Макроэкономические Показатели]," Published Papers mak14, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:ppaper:mak14
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    Cited by:

    1. Perevyshin, Yuri (Перевышин, Юрий) & Perevyshina, Elena (Перевышина, Елена), 2015. "The effect of the transfer of interest rates in Russia in 2010-2014 [Эффект Переноса Процентных Ставок В России В 2010—2014 Годах]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 38-52.

    More about this item

    Keywords

    monetary policy; money market; nonconventional measures; nonstandard liquidity; credit auctions;
    All these keywords.

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