TY  - JOUR
TI  - The Responsiveness of Consumer Prices to Exchange Rate in Russia
T2  - HSE Economic Journal 
IS  - HSE Economic Journal 
KW  - consumer prices
KW  - nominal exchange rate
KW  - time series analysis
KW  - monetary policy
AB  - In this paper we have empirically examined the exchange-rate pass-through effect to consumer prices and the movement of the effect in Russia during the period of 1999-2004. The evidence from vector autoregression model demonstrates that the average pass-through is low. We have also shown that in spite of gradual decreasing of inflation during that period and fall in dollar exchange rate in 2003, the exchange rate pass-through to prices risen after 2001. We suppose that the most important determinant of changes in pass-through over time is the growth of import share in consumption. In addition, we have shown that growth of exchange rate pass-through effect came from appreciation of the euro on domestic currency market.
AU  - Svetlana Shmykova
AU  - Kirill Sosunov
UR  - https://ej.hse.ru/en/2005-9-1/26558210.html
PY  - 2005
SP  - 3-16
VL  - 9