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respondents believe that the exchange should bear administrative responsibility (with differentiated penalty rates). One of the answers suggested that the exchange should be subsidiary liable

Interest rate corridor bounds Bank of Russia key rate Source: Bank of Russia calculations. Chart 3 Foreign exchange and stock market Influenced by external factors

effective exchange rate adds 1 pp to annual inflation over a three- to six-month horizon. According to our calculations, the nominal effective exchange rate declined

year’s low base effect. Also, prices are adjusting to the ruble exchange rate that has weakened since the beginning of the year. According to

effective exchange rate adds 1 pp to annual inflation over a three- to six-month horizon. According to our calculations, the nominal effective exchange rate declined

Official Exchange Rate of US Dollar Against Ruble*..................................................................................................................83 2.17. Official Exchange Rate of Euro Against Ruble*.........................................................................................................................85 2.18. Official Exchange Rate: Rubles

First of all, we let the exchange rate adjust freely by switching to a floating exchange rate. While exchange rate volatility initially spiked, it then

Federal Reserve System (U.S.). 44. Yilmazkuday H. (2013) Inflation targeting, flexible exchange rates and inflation convergence. Appl Econ 45: 593–603. Серия докладов 29

themselves in the months to come. They are associated with the ruble exchange rate and the VAT rise. Respondents’ consumer sentiment is showing a higher

themselves in the months to come. They are associated with the ruble exchange rate and the VAT rise. Respondents’ consumer sentiment is showing a higher