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create new jobs, and increase domestic investment. Financial stability and predictable dropping inflation are the key prerequisites for this, and the Bank of Russia will

measures. There is a steady inflow of funds to fixed-term deposits. Annual inflation will continue to rise due to the base effect. Yet, the latest

Real Output Inflation Interest rate rate wages 2. Exchange rate – Interest rate – Output– Inflation – Real wages. 3. Interest rate – Exchange rate – Output – Inflation – Real wages.

studies, the macroeconomic variables are explicitly set in a regression equation (GDP, inflation, unemployment, etc.), while our study treats the macroeconomic environment with time fixed

regulation were introduced. Mr Ignatiev paved the way for the transition to inflation targeting. He had to go through two large-scale crises — the 2004 banking

down. Now I would like to address economic developments and inflation trends. The acceleration of inflation in late February—early March was provoked by soaring

annual inflation to 4% in 2024. Moving forward, in its key rate decision-making the Bank of Russia will take into account actual and expected inflation

for obligations of other issuers of the Russian Federation, credit achieving the inflation target. The key rate is set by the Bank institutions’ promissory notes,

steady rate. As regards inflation, prices surged over the past year and exceeded our inflation target two times. In January, annual inflation sped up even

macroprudential policy as foreign currency debt may also affect exchange rate volatility, inflation and output. We thank Oleg Itskhoki and Konstantin Styrin for helpful comments,