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Estimates of the Natural Rate of Interest for Russia: Is Navigating by the Stars Useful?
Russian Journal of Money and Finance
We estimate the natural rate of interest for Russia in the short term and long term using three definitions of the rate and discuss the possible implications of the results for monetary policy. To start with, we consider partial equilibrium (under no-arbitrage condition), which is presented in the papers on estimating the natural rate. The estimates turn out to be extremely sensitive to assumptions about model parameters. The estimates based on the uncovered interest rate parity, thoughdoi:10.31477/rjmf.201904.03 fatcat:cd5pk3otcvdwndfvxhr3fsvju4