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논문 기본 정보

자료유형
학술저널
저자정보
Larisa Yuzvovich (Ural Federal University) Elena Razumovskaya (Ural Federal University) Maksim Maramygin (Ural State University of Economics) Vadim Ponkratov (Financial University under the Government of the Russian Federation) Nikolay Kuznetsov (State University of Management) Nadezhda Bashkirova (Lomonosov Moscow State University)
저널정보
대한산업공학회 Industrial Engineering & Management Systems Industrial Engineering & Management Systems Vol.19 No.1
발행연도
2020.3
수록면
254 - 265 (12page)
DOI
10.7232/iems.2020.19.1.254

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In the context of the implementation of the inflation targeting policy in the Russian Federation (RF), undertaking a comprehensive study of the transmission mechanism and its consequences for the economy is becoming increasingly relevant. Against this backdrop, the purpose of the present study is to develop an econometric model for determining the correlation between the interest rate and economic growth in prevailing conditions of the Russian market. To that end, the authors used the Granger test in order to determine the causal relations between the indicators of economic development and the key rate level of Central Bank of the Russian Federation (CBR) from 2006 to 2018. There were determined to be dominant indicators which provide the transmission mechanism of the influence of the key rate on the actual GDP of the Russian Federation. A model of the key rate influence on the pace of economic growth was developed. For this purpose, the authors used the vector autoregression method by taking the interdependence between the national economy components into consideration. The findings of this study confirmed the positive character of the interaction of the CBR key rate and the country’s economic growth. An analysis of the econometric model contributed to the determination of changes in the nation’s economic activity indicators due to the changes occurring in the key rate of the Central Bank. The developed econometric model can be applied as a tool that helps monetary authorities to better understand the determining internal forces in the economy. Moreover, this model helps formulate monetary policy decisions, emit alternatives, and increase the element of consistency in debates about the transmission mechanism. Finally, the Central Bank can use this model to identify the objectives of the monetary policy.
#Russia #interest rate #transmission mechanism #monetary policy #economic growth #Central Bank #inflation targeting

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ABSTRACT
1. INTRODUCTION
2. LITERATURE REVIEW
3. METHODS AND MATERIALS
4. Data
5. RESULTS
6. DISCUSSION
7. CONCLUSION
REFERENCES

참고문헌 (56)

참고문헌 신청
Abramova, M. / 2016 / Key aspects of modern monetary policy in Russia: Experts views / Ekonomy. Taxes. Law 1:6~15 google schola Abuka, C. / 2019 / Monetary policy and bank lending in developing countries : Loan applications, rates, and real effects / Journal of Development Economics 139:185~202 google schola Andrieș, A. M. / 2016 / The impact of international financial crisis on bank performance in eastern and central european countries / EuroEconomica 35(1) google schola Arrow, K. J. / 1968 / Capital and Growth, Papers in Honor of Sir John Hicks :1~19 google schola Auer, S. / 2019 / Monetary policy shocks and foreign investment income : Evidence from a large Bayesian VAR / Journal of International Money and Finance 93:142~166 google schola

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