Analysis of the Monetary Policy Rule in the Russian Economy

Abstract

This article summarizes the results of an empirical study of the monetary policy in the Russian economy. The goal of the work is to establish the conformity of the regulator’s policy to the "monetary policy rule". For this purpose, the monetary policy rules are assessed: from the Taylor and McCallum rules to various modifications of rules corresponding to an open economy. Models are assessed using the generalized method of moments. Empirical results are analyzed. The inertia of the regulator’s policy is analyzed, and the estimated smoothing coefficients in the monetary policy rules are compared with estimates in emerging and developed countries.