scholarly journals Analysis of Macroeconomic Variable Shocks and Monetary Policy on Real Effective Exchange Rates in Indonesia

2020 ◽  
Author(s):  
Vadli Sastrio ◽  
Sri Ulfa Sentosa ◽  
Mohammad Aliman Shahmi
Keyword(s):  
Monetary Policy ◽  
Exchange Rates ◽  
Macroeconomic Variable ◽  
Effective Exchange

Regional effects of inflation targeting in Russia: Factors of heterogeneity and structural inflation rates

2019 ◽  
pp. 70-89
Author(s):  
Michael I. Zhemkov
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Structural Factors ◽  
Regional Effects ◽  
Inflation Rates ◽  
Price Growth ◽  
Effective Exchange ◽  
The Difference ◽  
Communication Policies ◽  
Structural Levels

Inflation targeting in Russia implies maintaining stable low inflation at a level of 4% throughout the country. The presence of structural factors in some regions can determine deviations from the all-Russian inflation, which can lead to different effects of monetary policy in Russian regions. In this paper, we analyze regional heterogeneity of inflation and factors of inflation deviations from the national average, estimate structural levels of inflation in the regions of Russian Federation. These estimates confirm the presence of some regional factors of inflation deviations from the all-Russian indicator, such as the difference in productivity growth of the tradable and non-tradable sectors (Balassa—Samuelson effect), effective exchange rates, real incomes and product stocks. In addition, our results confirm the presence of regions with price growth rate above and below monetary policy target. The results of this research can be used for the development of monetary and communication policies.

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