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4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sources: Rosstat, R&F Department calculations.
Our estimates suggest that if prices
0,8 -0,4
Feb
Mar
May
Apr
Aug
Sep
Oct
Nov
Dec
Jan
Jun
Jul
-0,6
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
14
Central Bank Survey
(millions of rubles, end of period)
Dec, 2014 Dec, 2015 Dec, 2016
NET FOREIGN ASSETS 21,130,478 26,210,965
14
Central Bank Survey
(millions of rubles, end of period)
Dec, 2014 Dec, 2015 Dec, 2016
NET FOREIGN ASSETS 21,130,478 26,210,965
14
Central Bank Survey
(millions of rubles, end of period)
Dec, 2014 Dec, 2015 Dec, 2016
NET FOREIGN ASSETS 21,130,478 26,210,965
14
Central Bank Survey
(millions of rubles, end of period)
Dec, 2014 Dec, 2015 Dec, 2016
NET FOREIGN ASSETS 21,130,478 26,210,965
20 -20
-10%
-30 -30
-20%
Oct
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Jan
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Volume of MLs granted over
the month t included in the group j, while F – is the vec-
tor of factors corresponding to the said group of variables. The number
xt + t ,
where yt = Xt, xt =In [1 X’t-1… X’t-p], vec([A0,A1,…,Ap]’), t ~N(0,).
The baseline prior is a version