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このアイテムへのリンクには次のURLをご利用ください: https://doi.org/10.15057/18601
このアイテムへのリンクには次のURLをご利用ください: https://hdl.handle.net/10086/18601

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Title
INTEREST RATE RULE FOR THE RUSSIAN MONETARY POLICY : NONLINEARITY AND ASYMMETRICITY
Creator
Creator Name
IKEDA, TARO IKEDA, TARO
Affiliation
Affiliation Name
Kobe University
Key Word
nonlinear rule
asymmetric objective
Bank of Russia
JEL
E52
E58
P51
Abstract
This study reconsiders the interest rate rule for the Russian monetary policy, of which no evidence was found in earlier studies. This study successfully estimates an interest rate rule. In order to obtain this result, we follow Surico (2007).s nonlinear approach. The main contributions of this study are as follows. Our empirical results indicate that the Russian monetary policy follows a nonlinear interest rate rule. Further, we clarify the preference of the monetary policy in subsample estimation. When the 1998 financial crisis is considered, Russia.s preference for output expansion is evident. According to Surico, this increases inflation in Russia.
Publisher
Hitotsubashi University
Issued Date
2010-06
Language
英語(eng)
Resource Type
departmental bulletin paper（紀要論文）
Version Type
VoR
selfDOI
10.15057/18601
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
51
Issue Number
1
Page Start
1
Page End
11
Appears in Collections
Vol. 51, no. 1 (Jun. 2010)
URL
https://hdl.handle.net/10086/18601