Monetary Policy of Quantitative Easing at the Central Bank’s High Interest Rates
Journal: Munich Personal RePEc Archive (Ludwig Maximilian University of Munich)
Year: 2014

This paper investigates the possibility of conducting an unconventional monetary policy of Quantitative easing (QE) at high interest rates using the example and experience of Russia. The Central Bank of the Russian Federation has raised the key interest rate on six occasions during the 12 months of 2014 from 5.5% to 17%. The Central Bank has been coming in for criticism for such an increase. However, this criticism is unfair, as sometimes interest rate reduction or failure to raise interest rate