Monetary Policy

Opinions

Bookshelf

Advancing the Frontiers of Monetary Policy: The Book by the Architects of Inflation Targeting

March 17, 2019 | Ksenia Yudaeva

The worldwide development of the inflation targeting regime raises new and controversial issues, which the Bank of Russia too must confront.

What is open to the Bank of Russia, while remaining closed for analysts?

August 29, 2022 | Alina Evstigneeva, Yuliya Shchadilova, Mark Sidorovsky

A central bank may have an information advantage enabling it to better forecast macroeconomic indicators and, hence, make decisions that are not expected by the market. This advantage may exist both in reality and solely in the form of the market’s belief in it.

Opinions

Can We Presume That Inflation Expectations Are Anchored in Russia?

August 18, 2022 | Vadim Grishchenko, Olga Kadreva, Alexey Porshakov, Dmitry Chernyadyev

With inflation expectations anchored, price spikes do not spread between market segments, and inflation returns to the target level. We have assessed that the expectations of Russian economists have been anchored since 2017, while those of households have not yet been anchored.

Opinions

Economics

Little Fires Everywhere

June 21, 2022 | Rainer Michael Preiss

The Fed waited too long to tighten the policy in its anti-inflation stand, believing the acceleration of prices to have been temporary. The biggest concern for markets now is whether the Fed could avoid another policy mistake with regards to over hiking interest rates.

Opinions

‘Don’t Get Me Wrong’: the Central Bank’s Language

October 4, 2021 | Alina Evstigneeva, Mark Sidorovsky

Central banks strive to speak clearly and simply – this is critical to effectively targeting inflation. We assessed the comprehensibility of the Bank of Russia's communications using neural networks – it showed that the level of its texts is rather complicated for the public.

Monetary Policy for an Equitable Society

July 30, 2021 | Olga Volkova, Olga Kuvshinova

Central banks do not have tools to reduce inequality, but this does’t mean that they can do nothing to make a society more equitable. They are able to contribute to this goal by fulfilling their mandate, namely by keeping inflation low and preventing financial crises.

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