Feedback to the ECB's Monetary Analysis: The Bank of Russia's Experience with Some Key Tools

• Autorzy: Alexey Ponomarenko , Elena Vasilieva , Franziska Schobert
• Języki publikacji: EN

Abstrakty

EN

The paper investigates to what extent some basic tools of the ECBs monetary analysis can be useful for other central banks given their specific institutional, economic and financial environment. We take the case of the Bank of Russia in order to show how to adjust methods and techniques of monetary analysis for an economy that differs from the euro area as regards, for instance, the role of the exchange rate, the impact of dollarization and the functioning of sovereign wealth funds. A special focus of the analysis is the estimation of money demand functions for different monetary aggregates. The results suggest that there are stable relationships with respect to income and wealth and to a lesser extent to uncertainty variables and opportunity costs. Furthermore, the analysis also delivers preliminary results of the information content of money for inflation and for real economic development. (original abstract)

Słowa kluczowe

EN

Monetary Policy of the ECB; Central banks; Money demand; Monetary policy instruments

PL

Polityka pieniężna Europejskiego Banku Centralnego; Banki centralne; Popyt na pieniądze; Instrumenty polityki pieniężnej

• Czasopismo: Journal of Banking and Financial Economics
• Rocznik: 2014
• Numer: nr 2(2)
• Strony: 116--150

Twórcy

autor

Alexey Ponomarenko

• Bank of Russia

autor

Elena Vasilieva

• Bank of Russia

autor

Franziska Schobert

• Deutsche Bundesbank

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