In this paper we test whether environmental characteristics of assets influence their returns for the case of Russian financial market. Our main hypothesis based on the relevant literature is that if a spread between “green” and “brown” assets’ yield exists, it should be in favour of...

The paper proposes a new indicator of expected real effects of a policy aimed at controlling inflation. The indicator, called real effect of inflation targeting (REIT), involves the comparison of expected and output-neutral inflation. It is shown that it can be derived from a simple...