Interest Rate Channel of Monetary Transmission Mechanism

Student: Karamov Mars

Educational Programme: Financial Analyst (Master)

Year of Graduation: 2018

The goal of this work is to provide an observation about interest rate channel of monetary policy mechanism in Russia. In this thesis I give the definition of interest rate channel of monetary policy, explain factors, which influence its effectiveness, and give a comprehensive overview of interest rate channel studies in Russia. Moreover, factors which influence effectiveness of interest rate channel are analyzed by qualitative analysis, and an impulse response of macroeconomic indicators to key rate and inter-bank lending rate change is estimated by econometric analysis. As a result of analysis, I can say that effectiveness of interest rate channel has improved significantly since 2013 when key rate has become the main instrument of monetary policy.

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