Impact of the Ruble exchange rate regime and Russia's war in Ukraine on wheat prices in Russia
Journal: Agricultural Economics
Year: 2024

Abstract We assess exchange rate pass‐through when the Ruble exchange rate was managed in comparison with when it became free‐floating. Estimates of the error correction model for milling wheat prices suggest exchange rate pass‐through to be strongest in Russia's North Caucasus, the region closest to the Black Sea ports, and weakest in the remote regions of Volga and West Siberia since the Ruble exchange rate became free‐floating in 2014. In contrast, we find Russian regional wheat prices and th