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Measuring Monetary Policy in Russia with Disaggregated Data

Student: Vyacheslav Kramkov

Supervisor: Andrey G. Maksimov

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

The role of the central bank's actions in determining the economic performance and the economic agents welfare is considered as significant, at least in the short and medium term. Despite the fact that there is a fairly complete understanding of the monetary policy effects of on the economy, there is a slight disregard of the effects evaluation at theregional and industrial level. This paper attempts to estimate the influence of the central bank on particular industries and regions. The analysis is conducted with the help of econometric modeling of multidimensional time series on the basis of regional and branch statistics. Various specifications of unobserved component models with structural links are proposed. The results of the work can be used in the practical actions of the Central Bank of Russia in the implementation of monetary policy.

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