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Central Bank Information Policy Tools and Perspectives on Regulation

ФИО студента: Yulia Kazakova

Руководитель: Alexander Larionov

Кампус/факультет: Faculty of Social Sciences

Программа: Public Administration (Bachelor)

Год защиты: 2017

Nowadays the tendency of revealing information in public and private sectors is observed. Central Bank as a major economic policy maker acts strategically as it reveals a plan of monetary policy to be implemented. Worldwide strategic communication has become an impactful tool for increasing the effectiveness of monetary policy. This paper presents a comprehensive study on the role of information tools in monetary policy of the Bank of Russia. The impact of information policy on macroeconomic indicators is assessed. Binary probit regression is constructed to measure the potential effect of strategic communication in monetary policy of the Bank of Russia. Results suggest that only particular information is interpreted as a signal by the market and as a result expectations are formed. In order to apply information tools to monetary policy of the Bank of Russia effectively, adjustments to normative legislative acts are to be made. Information transparency concept is strongly advised to be incorporated in legal framework as communication strategy of the Bank of Russia has been proved to be an essential part of monetary policy.

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