Analysis of fundamental factors of the CBR’s exchange rate lay at the basis of this publication. The authors review papers which address problems of index construction of real effective exchange rate as well as models of evaluation of the real equilibrium exchange rate. They also analyze...

The paper estimates vector error correction model (VECM) for the real ruble exchange rate and the real oil prices. The VECM model takes into account the structural break in short run parameters due to monetary policy regime change in November 2014. Estimates show that the real exchange rate...

In this paper we analyze the relationship between the real Russian ruble exchange rate and real oil prices using the error correction model with Markov regime switching, which allows for changes in exchange rate policy. We find that during the period 1999-2018 real exchange rate dynamics was...

In 2015, many countries had to deal with the weakening of their currencies. Issues regarding exchange rate management by the Central Banks have again become the focal point of heated debate. This article compares two approaches to devaluation of local currency under the pressure of external...

The Ruble exchange rate has been fluctuating hugely. The problem now is not so much the Ruble's weakness as instability of its exchange rate, volatility. The management of the Central Bank claims that stabilization of the Ruble exchange rate is not possible though it is the responsibility of the...

Russian Abstract: В докладе анализируются последствия шока от падения цен на сырье для экономик государств – членов Евразийского экономического союза и принятые...

Russian Abstract: На июньском заседании Совета директоров Банк России в третий раз с начала года повысил ключевую ставку на 0,5 п.п.– до 5,5% годовых. Это решение...

Russian Abstract: На сентябрьском заседании Совета директоров ЦБ РФ принял решение об ужесточении денежно-кредитной политики. Ключевая ставка была увеличена на 0,25 п.п....

Russian Abstract: Ключевая ставка ЦБ РФ увеличена на 1 п.п. – до 8,5% годовых. Она достигла максимального значения с 2017 г. Это обусловлено ускорением инфляции вследствие...

Russian Abstract: Ключевая ставка ЦБ РФ 11 февраля 2022 г. была увеличена на 1 п.п. – до 9,5% годовых. Это максимальное значение с мая 2017 г. Решение обусловлено продолжающимся...