Does Money Matter in the CIS? Effects of Monetary Policy on Output and Prices

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Does Money Matter in the CIS? Effects of Monetary Policy on Output and Prices

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dc.contributor.author Starr, Martha A.
dc.date.accessioned 2009-02-18T14:42:00Z
dc.date.available 2009-02-18T14:42:00Z
dc.date.created 2004-10
dc.date.issued 2004-10
dc.identifier.uri http://hdl.handle.net/1961/4949
dc.description Working Paper No. 2004-09. 37 pages. en
dc.description.abstract 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. en
dc.description.sponsorship Department of Economics, American University en
dc.language.iso en_US en
dc.publisher Department of Economics, American University en
dc.rights.uri Copyright © 2004 by Martha A. Starr. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. en
dc.subject.other Post-Soviet economies en
dc.subject.other Monetary policy en
dc.subject.other Growth en
dc.subject.other Price stability en
dc.title Does Money Matter in the CIS? Effects of Monetary Policy on Output and Prices en
dc.type Working Paper en


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