Asymmetric effects of monetary policy in Russia
| Autor: | E. E. Karnaukhova, D. A. Korshunov, S. F. Seregina, Olga Demidova, A. A. Myasnikov |
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| Rok vydání: | 2021 |
| Předmět: |
Economics and Econometrics
media_common.quotation_subject 05 social sciences Monetary policy Direct effects 0211 other engineering and technologies 021107 urban & regional planning 02 engineering and technology Interest rate Monetary policy transmission Personal income Negative relationship 0502 economics and business Econometrics Economics Spatial econometrics 050207 economics Finance media_common Panel data |
| Zdroj: | Voprosy Ekonomiki. :77-102 |
| ISSN: | 0042-8736 |
| Popis: | We analyze the heterogeneous influence that monetary policy has on the growth rates of real personal income in 79 Russian regions over the period from 2Q2015 to 4Q2019, taking into account some of the channels of monetary policy transmission mechanism and spatial effects. The analysis was performed on the basis of panel data and a spatial autoregressive model. Besides that, we have calculated individual direct effects of changes of the interest rate for each region. Our results confirm the existence of a negative relationship between changes in the interest rate and growth rates of real personal income. This relationship is heterogeneous for different regions. Among the significant factors affecting the heterogeneity of the influence of monetary policy are the industrial structure and concentration of small businesses in regional economies. We have also found significant positive spatial effects of neighboring regions on each other. Our results generally coincide with those received in analyses of the effects of monetary policy in other countries. |
| Databáze: | OpenAIRE |
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