| Summary: | The paper investigates to what extent some basic tools of the ECBs monetary analysis can be useful
for other central banks given their specific institutional, economic and financial environment. We
take the case of the Bank of Russia in order to show how to adjust methods and techniques of
monetary analysis for an economy that differs from the euro area as regards, for instance, the
role of the exchange rate, the impact of dollarization and the functioning of sovereign wealth
funds. A special focus of the analysis is the estimation of money demand functions for different
monetary aggregates. The results suggest that there are stable relationships with respect to income
and wealth and to a lesser extent to uncertainty variables and opportunity costs. Furthermore, the
analysis also delivers preliminary results of the information content of money for inflation and for
real economic development.
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