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in credit-to-GDP ratio fluctuations). Table 1. Credit gap AUC in empirical and artificial data sets Dataset AUC Empirical 0.63 ABM-based 0.7 VAR-based 0.

well as for making current payments and proceeded to regularly conduct deposit auc- settlements. The conditions for this transition tions. In January-October 2017, the Bank

cor- ing by 3.3%). ridor in summer 2016. However, regular deposit auc- A restrained demand, which created incentives for tions held from autumn 2016

not make a significant Bank of Russia gradually reduced their supply at auc- contribution to the inflation rate, while in 2015 due to tions, and

R-squared 0.1 0.07 0.11 AUC (full time sample) 0.74 0.71 0.76 AUC (common time sample) 0.74 0.74

0,1 0,07 0,11 AUC (полный индивидуаль- 0,74 0,71 0,76 ный временной интервал) AUC (общий временной 0,74 0,74

affected by the structural ed fine-tuning operations in the form of deposit auc- liquidity deficit that decreased during this same period tions for the period

key rate during The Bank of Russia does not have to hold auc- the period when the credit institution uses the tions daily, and credit

rates were set at the eign currency loans secured by claims under auc- Bank of Russia key rate minus 1.00 percentage point tion-based foreign

of Russia declared a In July, it took the decision to commence auc single interest rate on these operations as its key tions to provide