at 10.30
Alexey Ponomarenko (Central Bank of Russia)
Feedback to the ECB’s Monetary Analysis: The Bank of Russia’s Experience
(Co-authored with  Elena Vasilieva, Central Bank of Russia and Franziska Schobert, Deutsche Bundesbank)

The paper investigates to what extent the ECBs monetary analysis can be useful for other central
banks given their specific institutional, economic and financial environment. We take the case
of the Bank of Russia in order to show how to adjust tools and techniques of monetary analysis
for an economy that differs from the euro area as regards, for instance, the role of the exchange
rate, the impact of dollarization and the functioning of sovereign wealth funds. A special focus of
the analysis is the estimation of money demand functions for different monetary aggregates. The
results suggest that there are stable relationships with respect to income and wealth and to a
lesser extent to uncertainty variables and opportunity costs. Furthermore, the analysis also
delivers preliminary results of the information content of money for inflation and for real
economic development.

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