Verbal Interventions in Russia and Rouble Exchange Rate: 2014-2015

Student: Lopato Evgeniya

Educational Programme: Economics (Bachelor)

Year of Graduation: 2016

In academic field there is a growing concern of the phenomenon of oral interventions – the way central banks communicate with people. This article reveals the effectiveness of such interventions in Russia during the crisis that took place in recent years (2014-2015). The research gains from two approaches commonly used to work with such type of data. Most verbal interventions affected the exchange rate in a desirable way. Though, according to the findings, they are not enough to sustain the currency in the long-run without actual interventions. The core result is that such type of interventions influences the currency, but in the short-run, and the more often the interventions are, the more accurate the central bank should be in formulation of its speeches in order not to lose credibility.

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