American University
Browse
2004workingpapers_38_OBJ.pdf (629.33 kB)

2004-09 Does money matter in the CIS? effects of monetary policy on output and prices

Download (629.33 kB)
report
posted on 2023-08-03, 15:36 authored by Martha A. Starr

In large industrial economies, changes in monetary policy affect real economic activity in the short-run, but in the long run affect only prices. In transition economies, little is known about whether monetary policy has such short-run effects: if so, maintaining independent policy preserves options of stimulating the economy when it is sluggish or cooling it down if it overheats -- but if not, other sorts of policy régimes that entail strong commitment to price stability may be more attractive, such as a monetary union, a currency board, or ‘dollarization’. This paper uses time-series methods to examine real effects of monetary policy in Russia, Ukraine, Belarus, and Kazakhstan. There is only mixed evidence that ‘money matters’ in these countries, although its potential seems greater in Russia than elsewhere. This suggests a limited scope for activist use of monetary policy, at least in the near-term.

History

Publisher

Department of Economics, American University

Language

English

Notes

Working Paper No. 2004-09. 37 pages.

Handle

http://hdl.handle.net/1961/2004workingpapers:38

Usage metrics

    Economics

    Categories

    No categories selected

    Exports

    RefWorks
    BibTeX
    Ref. manager
    Endnote
    DataCite
    NLM
    DC