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  • Comparative Analysis of Effeciency of Exchange Rate and Interest Rate Channels of Transmission Mechanism of Monetary Policy of Central Bank of Russia

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Maxim Popov
Comparative Analysis of Effeciency of Exchange Rate and Interest Rate Channels of Transmission Mechanism of Monetary Policy of Central Bank of Russia
2016
This work is devoted to comparative analysis of efficiency of exchange rate and interest rate channels of transmission mechanism of monetary policy of Russian Central Bank.

Relevance of this work is that since 2010 the Central Bank declared a floating exchange rate, moreover began target inflation, and also started to operate interest rates more often. Moreover, nowadays there are practically no works, which would be directed to the analysis of monetary policy efficiency in Russia, while in the western countries this subject is especially actual, in the conditions of the growing importance of monetary policy. 


Work states the following hypotheses:

• Is it true that in Russia the interest rate channel is more developed, rather then echange rate?

• Due to high significance of exchange rate channel, is it reasonable to pay more attention to interest rate management?

In purpose to check the hypotheses- VAR-based model was used, and the impulse response functions were analyzed. 


The results show that the transmission mechanism works, but at the same time the interest rate channel is not significant, while the exchange rate channel of transmission mechanism of monetary policy is significant. 
During analysis several problems were occurred, therefore the model specification changed during the analysis.

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