Year of Graduation
Verbal Interventions and Financial Markets
The purpose of this paper is to assess the effectiveness of verbal interventions by representatives of the Central Bank of Russia on the financial markets of Russia. In the course of this work, the academic literature that was studied was mainly devoted to the assessment of the effectiveness of communications by the Central Banks and verbal interventions, in particular. Also, the models were constructed to analyse the dependence of such indicators as the value of the bi-currency basket, the MICEX stock index, the ROISFIX 6M interest rate, on the verbal interventions related to the forecasts of economic development and the future of monetary policy in Russia made by Russian Central Bank. Based on the results of this work, the Central Bank of Russia's verbal interventions have little effect on the country's financial markets.