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On the limits of the possibility of inflation targeting
https://doi.org/10.32609/0042-8736-2017-10-71-87
Abstract
The purpose of this article is to identify the main determinants of consumer price growth in the Russian economy. To achieve this goal, the degree of influence on inflation of the monetary policy of the Bank of Russia, tariff regulation and ruble exchange rate has been determined in the course of the work. The econometric model of inflation formation is used as a research tool depending on the dynamics of the main factors. The article explores the reasons for the significant growth in the volatility of the dollar and, as a consequence, its impact on consumer inflation. According to the presented model, the main volatility generators are the volatility of oil prices and the policy regime of exchange rate management.
Keywords
consumer inflation,
inflation targeting,
volatility,
currency corridor,
gold and exchange currency reserves
JEL: E31; E47
About the Authors
K. Korishchenko
Russian Presidential Academy of National Economy and Public Administration
Russian Federation
Russian Federation
N. Pilnik
National Research University Higher School of Economics; Dorodnitsyn Computing Centre, RAS
Russian Federation
Russian Federation
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Review
For citations:
Korishchenko K., Pilnik N. On the limits of the possibility of inflation targeting. Voprosy Ekonomiki. 2017;(10):71-87. (In Russ.) https://doi.org/10.32609/0042-8736-2017-10-71-87
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