The Bank of Russia has made available the program codes related to its macroeconomic projection models, augmenting the descriptions released earlier. These models include the Quarterly Projection Model for Russia with the Labour Market Component and the Quarterly Projection Model by the Bank of Russia Research and Forecasting Department.
By releasing these program codes, the Bank of Russia aims to provide researchers with tools to better understand and analyze how macroeconomic indicators interact within these models, especially concerning the parameters of the transmission mechanism.
However, the Bank of Russia cautions that “the results of the calculations using the codes released should not be interpreted as the Bank of Russia’s official forecast.” They emphasize the importance of considering that the Bank’s forecasts are based on a combination of model-based calculations and expert judgments that account for factors not easily quantified.
Furthermore, the official forecast represents “a consensual opinion of the Bank of Russia Board of Directors about future economic trends and indicators.” It is this forecast that informs the regulator’s decisions regarding key rates.
The image accompanying the press statement is credited to Ultramansk on Shutterstock and Fotodom.
