Russian monetary policy shocks ineffective in curbing inflation, harm economy.
The article examines how changes in Russia's monetary policy impact the economy. By analyzing a wide range of economic data, the researchers found that raising interest rates doesn't always lower inflation as expected. Instead, it can hurt investments, retail sales, wages, and employment. Different industries react differently to these changes, with exports being less affected than domestic activities like construction. Overall, the study suggests that tightening monetary policy in Russia may not be the best way to control inflation.