An Analysis of Transmission Mechanisms of the Monetary and Credit Policy in the Russian Economy (press release)

This paper is about the study of mechanisms of money transmission in Russia's economy based on the econometric analysis of macrodata as well as on the data about commercial banks balances. The authors demonstrated that for the last several years the channel of bank credit and the channel of household wealth played important role. This fact reflects an increased importance of the banking system in funding the real sector and in forming consumption demand.

The publication of the present paper was sponsored with the grant from the United States Agency for International Development (USAID).