Bank of Russia releases programme codes of projection models
The codes will complement the descriptions of the macroeconomic models the regulator published earlier (Quarterly Projection Model for Russia with the Labour Market Component and Quarterly Projection Model by the Bank of Russia Research and Forecasting Department).
The programme codes will make it easier for researchers to analyse the structure of the above models, in particular assess the interactions between macroeconomic indicators in combination with various parameters of the transmission mechanism.
The results of the calculations using the codes released should not be interpreted as the Bank of Russia’s official forecast. When employing the codes and the resulting computations, it is essential to remember that the forecast published by the Bank of Russia relies on model-based calculations and takes into account expert judgements regarding the factors that are difficult to capture in quantifications.
The Bank of Russia’s official forecast is a consensual opinion of the Bank of Russia Board of Directors about future economic trends and indicators. Making its key rate decisions, the regulator relies on the forecast it releases.