Monetary Policy | ScienceGate

The Impact of monetary Policy on Ouput is an ambiguous. The results of previous empirical studies indicate that the impact can be a positive or negative relationship. The purpose of this study is to investigate the impact of monetary policy on Output more detail. The variables to estimatate monetery poicy are used state and board interest rate andrate. This research is conducted by Ordinary Least Square or Instrumental Variabel, method for 5 countries ASEAN. The state data are estimated for the period of 1980 – 2014. Based on the results, it can be concluded that the impact of monetary policy on Output shown are varied.Keyword: Monetary Policy, Output, Panel Data, Fixed Effects Model

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Strategy and Tactics of Monetary Policy during the World Economic Crisis

Voprosy Ekonomiki ◽

10.32609/0042-8736-2010-1-4-20 ◽

2010 ◽

pp. 4-20 ◽

Cited By ~ 1

Author(s):

A. Nekipelov ◽

M. Golovnin

Keyword(s):

Monetary Policy ◽

Economic Crisis ◽

Exchange Rate Policy ◽

Industrial Countries ◽

Policy Goals ◽

The World ◽

Rate Policy ◽

World Economic ◽

World Economic Crisis ◽

Qualitative Changes

The paper analyzes the qualitative changes in monetary policy goals and instruments during the world economic crisis of 2007-2009 in industrial countries and Russia; it represents the authors view on Russian monetary policy goals and results on different stages of crisis development. On the basis of the analysis the authors conclude on the necessity of active exchange rate policy in Russia, while developing interest rate instruments, and implementation of some exchange restrictions to prevent crisis contagion in the future.

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On the Exchange Rate Policy

Voprosy Ekonomiki ◽

10.32609/0042-8736-2010-1-21-28 ◽

2010 ◽

pp. 21-28

Author(s):

K. Yudaeva

Keyword(s):

Monetary Policy ◽

Exchange Rate ◽

Inflation Targeting ◽

Exchange Rate Policy ◽

Institutional Changes ◽

Crisis Period ◽

Local Currency ◽

High Inflation ◽

Rate Policy ◽

The Exchange Rate

The level of trust in the local currency in Russia is very low largely because of relatively high inflation. As a result, Bank of Russia during crisis times can not afford monetary policy loosening and has to fight devaluation expectations. To change the situation in the post-crisis period Russia needs to live through a continuous period of low inflation. Modified inflation targeting can help achieve such a result. However, it should be amended with institutional changes, particularly development of hedging instruments.

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Monetary policy and the effect of the transfer of oil prices to inflation

Voprosy Ekonomiki ◽

10.32609/0042-8736-2020-8-41-50 ◽

2020 ◽

pp. 41-50

Author(s):

Ph. S. Kartaev ◽

I. D. Medvedev

Keyword(s):

Monetary Policy ◽

Inflation Targeting ◽

Dynamic Models ◽

Oil Prices ◽

Oil Price ◽

Oil Price Shocks ◽

Negative Effects ◽

Price Shocks ◽

Policy Regime ◽

The Impact

The paper examines the impact of oil price shocks on inflation, as well as the impact of the choice of the monetary policy regime on the strength of this influence. We used dynamic models on panel data for the countries of the world for the period from 2000 to 2017. It is shown that mainly the impact of changes in oil prices on inflation is carried out through the channel of exchange rate. The paper demonstrates the influence of the transition to inflation targeting on the nature of the relationship between oil price shocks and inflation. This effect is asymmetrical: during periods of rising oil prices, inflation targeting reduces the effect of the transfer of oil prices, limiting negative effects of shock. During periods of decline in oil prices, this monetary policy regime, in contrast, contributes to a stronger transfer, helping to reduce inflation.

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Impact of external currency exposures on macroeconomic policies

Voprosy Ekonomiki ◽

10.32609/0042-8736-2020-8-23-40 ◽

2020 ◽

pp. 23-40

Author(s):

I. V. Prilepskiy

Keyword(s):

Monetary Policy ◽

Exchange Rate ◽

Positive Impact ◽

Exchange Rate Regime ◽

Macroeconomic Policies ◽

Panel Regressions ◽

Financial Account ◽

Currency Exposure ◽

Cross Country ◽

The Impact

Based on cross-country panel regressions, the paper analyzes the impact of external currency exposures on monetary policy, exchange rate regime and capital controls. It is determined that positive net external position (which, e.g., is the case for Russia) is associated with a higher degree of monetary policy autonomy, i.e. the national key interest rate is less responsive to Fed/ECB policy and exchange rate fluctuations. Therefore, the risks of cross-country synchronization of financial cycles are reduced, while central banks are able to place a larger emphasis on their price stability mandates. Significant positive impact of net external currency exposure on exchange rate flexibility and financial account liberalization is only found in the context of static models. This is probably due to the two-way links between incentives for external assets/liabilities accumulation and these macroeconomic policy tools.

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Economic effects of monetary policy in Russia: What do large datasets tell us?

Voprosy Ekonomiki ◽

10.32609/0042-8736-2020-4-31-53 ◽

2020 ◽

pp. 31-53 ◽

Cited By ~ 1

Author(s):

Anna A. Pestova ◽

Natalia A. Rostova

Keyword(s):

Monetary Policy ◽

Interest Rate ◽

Interest Rates ◽

Economic Activity ◽

Global Financial Crisis ◽

Exchange Rate Regime ◽

Aggregate Demand ◽

Economic Effects ◽

Theoretical Concepts ◽

Empirical Estimates

Is the Bank of Russia able to control inflation and, at the same time, manage aggregate demand using its interest rate instruments? In other words, are empirical estimates of the effects of monetary policy in Russia consistent with the theoretical concepts and experience of advanced economies? This paper is aimed at addressing these issues. Unlike previous research, we employ “big data” — a large dataset of macroeconomic and financial data — to estimate the effects of monetary policy in Russia. We focus exclusively on the period after the 2008—2009 global financial crisis when the Bank of Russia announced the abandoning of its fixed ruble exchange rate regime and started to gradually transit to an interest rate management. Our estimation results do not confirm standard responses of key economic activity and price variables to tightening of monetary policy. Specifically, our estimates do not reveal a statistically significant restraining effect of the Bank of Russia’s policy of high interest rates on inflation in recent years. At the same time, we find a significant deteriorating effect of the monetary tightening on economic activity indicators: according to our conservative estimates, each of the key rate increases occurred in March and December 2014 had led to a decrease in the industrial production index by about 0.2 percentage points within a year.

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