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Asymmetric effects of monetary policy in Russia
https://doi.org/10.32609/0042-8736-2021-6-77-102
Abstract
We analyze the heterogeneous influence that monetary policy has on the growth rates of real personal income in 79 Russian regions over the period from 2Q2015 to 4Q2019, taking into account some of the channels of monetary policy transmission mechanism and spatial effects. The analysis was performed on the basis of panel data and a spatial autoregressive model. Besides that, we have calculated individual direct effects of changes of the interest rate for each region. Our results confirm the existence of a negative relationship between changes in the interest rate and growth rates of real personal income. This relationship is heterogeneous for different regions. Among the significant factors affecting the heterogeneity of the influence of monetary policy are the industrial structure and concentration of small businesses in regional economies. We have also found significant positive spatial effects of neighboring regions on each other. Our results generally coincide with those received in analyses of the effects of monetary policy in other countries.
About the Authors
O. A. Demidova
HSE University
Russian Federation
Russian Federation
Moscow
E. E. Karnaukhova
HSE University
Russian Federation
Russian Federation
Moscow
D. A. Korshunov
Bank of Russia
Russian Federation
Russian Federation
Moscow
A. A. Myasnikov
HSE University; lekhanov Russian University of Economics
Russian Federation
Russian Federation
Moscow
S. F. Seregina
HSE University
Russian Federation
Russian Federation
Moscow
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For citations:
Demidova O.A., Karnaukhova E.E., Korshunov D.A., Myasnikov A.A., Seregina S.F. Asymmetric effects of monetary policy in Russia. Voprosy Ekonomiki. 2021;(6):77-102. (In Russ.) https://doi.org/10.32609/0042-8736-2021-6-77-102
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