Russian Federation: Selected Issues
Volume/Issue:
Volume 2007
Issue 352
Publication date: October 2007
ISBN: 9781451833157
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Topics covered in this book
This title contains information about the following subjects.
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Business and Economics , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , public expenditure , expenditure efficiency , exchange rate shock , producer price inflation , inflation expectation , surprise inflation shock , Inflation , Health care spending , Africa , Central and Eastern Europe
Summary
This Selected Issues paper on the Russian Federation underlies inflation persistence and evolution in response to structural shocks. Inflation in Russia has been characterized by a considerable degree of persistence. An explicit inflation-targeting framework may help reduce firms’ uncertainty about the future. This, in turn, may allow firms to be more forward-looking, thereby reducing persistence. The exchange rate is the Central Bank of Russia’s (CBR) main policy instrument for controlling inflation. Allowing more nominal appreciation would help to keep inflation on a downward path and better anchor inflation expectations.
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