voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2017-11-141-151voprecotest-362Research ArticleНАУЧНЫЕ СООБЩЕНИЯRESEARCH NOTESИнформационная политика БанкаРоссии: анализ воздействия пресс-релизов о ключевой ставкена межбанковскую ставкуInformation policy of the Bank of Russia:The influence of the press releases on the interbank rateМерзляковС. А.MerzlyakovS.

к.  э.  н., заместитель заведующего Лабораторией макроэкономического анализа, Национальный исследовательский университет «Высшая школа экономики» (Москва)

smerzlyakov@hse.ruХабибуллинР. А.KhabibullinR.

аспирант, стажерисследователь Лаборатории макроэкономического анализа, Национальный исследовательский университет «Высшая школа экономики» (Москва)

rkhabibullin@hse.ruНациональный исследовательский университет «Высшая школа экономики»National Research University Higher School of Economics201720112017011141151Copyright © Voprosy Ekonomiki, NP, 20172017Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/362

В статье изучается воздействие основного регулярного коммуникационного канала Банка России - пресс-релизов после заседаний Совета директоров Банка России по вопросам денежно-кредитной политики - на межбанковскую ставку MosPrime Rate. Показано, что пресс-релизы могут оказывать значимое влияние на межбанковскую ставку и ее волатильность.

This paper examines the impact of the main regular communication channel of the Bank of Russia - press releases after the Bank of Russia Board of Directors meetings on monetary policy issues - on the Moscow Prime Offered Rate (MosPrime Rate). It is shown that these press releases can have a significant impact on this rate and its volatility.

центральный банкинформационная политикаключевая ставка Банка Россиимежбанковская ставкаcentral bankinformation policyBank of Russia key rateinterbank interest rateReferencesДробышевский С., Трунин П., Божечкова А., Горюнов Е., Петрова Д. (2017). Анализ информационной политики Банка России // Вопросы экономики. № 10. С. 88-110.Drobyshevsky S., Trunin P., Bozhechkova A., Gorunov E., Petrova D. (2017). Analysis of the Bank of Russia information policy. Voprosy Ekonomiki, No. 10, pp. 88—110. (In Russian).Кузнецова О., Мерзляков С. (2015). Коммуникационные каналы Банка России в контексте мирового опыта // Деньги и кредит. № 12. С. 34-39.Kuznetsova O., Merzlyakov S. (2015). Information policy of the Bank of Russia. Dengi i Kredit, No. 12, pp. 34—39. (In Russian).Кузнецова О., Мерзляков С. (2016). Сигналы о будущих изменениях ключевой ставки как инструмент информационной политики Банка России // Деньги и кредит. № 11. С. 19-25.Kuznetsova O., Merzlyakov S. (2016). Forward Guidance as instrument of information policy of the Bank of Russia. Dengi i Kredit, No. 11, pp. 19—25. (In Russian).Кузнецова О., Ульянова С. (2016). Влияние вербальных интервенций Банка России на фондовые индексы // Журнал экономической теории. № 4. С. 18-27.Kuznetsova O., Ulianova S. (2016). The impact of the Bank of Russia’s verbal interventions on stock exchange indices. Russian Journal of Economic Theory, No. 4, pp. 18—27. (In Russian).Blinder A., Ehrmann M., Fratzscher M., de Haan J., Jansen D.-J. (2008). Central Bank communication and monetary policy: A survey of theory and evidence. Journal of Economic Literature, Vol. 46, No. 4, pp. 910-945.Blinder A., Ehrmann M., Fratzscher M., de Haan J., Jansen D.-J. (2008). Central Bank communication and monetary policy: A survey of theory and evidence. Journal of Economic Literature, Vol. 46, No. 4, pp. 910-945.Corrado C. (2011). Event studies: A methodology review. Accounting & Finance, Vol. 51, No. 1, pp. 207-234.Corrado C. (2011). Event studies: A methodology review. Accounting & Finance, Vol. 51, No. 1, pp. 207-234.Dai Q., Singleton K. (2003). Term structure dynamics in theory and reality. Review of Financial Studies, Vol. 16, No. 3, pp. 631-678.Dai Q., Singleton K. (2003). Term structure dynamics in theory and reality. Review of Financial Studies, Vol. 16, No. 3, pp. 631-678.Demertzis M., Viegi N. (2009). Inflation targeting: A framework for communication. The B.E. Journal of Macroeconomics, Vol. 9, No. 1, article 44.Demertzis M., Viegi N. (2009). Inflation targeting: A framework for communication. The B.E. Journal of Macroeconomics, Vol. 9, No. 1, article 44.Ehrmann M., Fratzscher M. (2007). Communication by Central Bank Committee members: Different strategies, same effectiveness? Journal of Money, Credit and Banking, Vol. 39, No. 2-3, pp. 509-541.Ehrmann M., Fratzscher M. (2007). Communication by Central Bank Committee members: Different strategies, same effectiveness? Journal of Money, Credit and Banking, Vol. 39, No. 2-3, pp. 509-541.Ehrmann M., Fratzscher M. (2013). Dispersed communication by Central Bank Committees and the predictability of monetary policy decisions. Public Choice, Vol. 157, No. 1, pp. 223-244.Ehrmann M., Fratzscher M. (2013). Dispersed communication by Central Bank Committees and the predictability of monetary policy decisions. Public Choice, Vol. 157, No. 1, pp. 223-244.Fiordelisi F., Galloppo G., Ricci O. (2014). The effect of monetary policy interventions on interbank markets, equity indices and G-SIFIs during financial crisis. Journal of Financial Stability, Vol. 11, No. C, pp. 49-61.Fiordelisi F., Galloppo G., Ricci O. (2014). The effect of monetary policy interventions on interbank markets, equity indices and G-SIFIs during financial crisis. Journal of Financial Stability, Vol. 11, No. C, pp. 49-61.Geraats P. (2006). Transparency of monetary policy: Theory and practice. CESifo Economic Studies, Vol. 52, No. 1, pp. 111-152.Geraats P. (2006). Transparency of monetary policy: Theory and practice. CESifo Economic Studies, Vol. 52, No. 1, pp. 111-152.Gürkaynak R., Sack B., Swanson E. (2005). Do actions speak louder than words? The response of asset prices to monetary policy actions and statements. International Journal of Central Banking, Vol. 1, No. 1, pp. 55-93.Gürkaynak R., Sack B., Swanson E. (2005). Do actions speak louder than words? The response of asset prices to monetary policy actions and statements. International Journal of Central Banking, Vol. 1, No. 1, pp. 55-93.Gürkaynak R., Wright J. (2013). Identification and inference using event studies. The Manchester School, Vol. 81, Suppl. S1, pp. 48-65.Gürkaynak R., Wright J. (2013). Identification and inference using event studies. The Manchester School, Vol. 81, Suppl. S1, pp. 48-65.Guthrie G., Wright J. (2000). Open mouth operations. Journal of Monetary Economics, Vol. 46, No. 2, pp. 489-516.Guthrie G., Wright J. (2000). Open mouth operations. Journal of Monetary Economics, Vol. 46, No. 2, pp. 489-516.Kim S., Sheen J. (2001). Minute-by-minute dynamics of the australian bond futures market in response to new macroeconomic information. Journal of Multinational Financial Management, Vol. 11, No. 2, pp. 117-137.Kim S., Sheen J. (2001). Minute-by-minute dynamics of the australian bond futures market in response to new macroeconomic information. Journal of Multinational Financial Management, Vol. 11, No. 2, pp. 117-137.Levin A. (2014). The design and communication of systematic monetary policy strategies. Journal of Economic Dynamics and Control, Vol. 49, pp. 52-69.Levin A. (2014). The design and communication of systematic monetary policy strategies. Journal of Economic Dynamics and Control, Vol. 49, pp. 52-69.Michaud F., Upper C. (2008). What drives interbank rates? Evidence from the Libor panel. BIS Quarterly Review, March.Michaud F., Upper C. (2008). What drives interbank rates? Evidence from the Libor panel. BIS Quarterly Review, March.

The authors declare that there are no conflicts of interest present.