Russian Federation: Selected Issues

Author: International Monetary Fund

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. Click on a subject if you would like to see other titles with the same subjects.

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

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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.