The intergovernmental fiscal outlook and the implications of Russia’s war against Ukraine, high energy prices and inflation

Abstract

OECD NETWORK ON FISCAL RELATIONS ACROSS LEVELS OF GOVERNMENT (THE "FISCAL NETWORK") OECD Working Papers on Fiscal FederalismThis series is designed to make available to a wider readership selected studies drawing on the work of the OECD's Network on Fiscal Relations across Levels of Government. Authorship is usually collective, but principal writers are named. The papers are generally available only in their original language (English or French) with a short summary available in the other.OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).Working Papers describe preliminary results or research in progress by the author(s) and are published to stimulate discussion on a broad range of issues on which the OECD works. This working paper has been authorised for release by Grace Perez-Navarro, Director, OECD Centre for Tax Policy and Administration.

The Central Bank of the Russian Federation

“…The recent monetary policy formulated and implemented by the Central Bank of Russia Central Bank of Russia's is an increase in policy rate as a result of the War between Russia and Ukraine [5] . The Central Bank of Russia board and committees ordered a 100 basis point increase of the policy rate to 8.5% in response to inflationary pressure.…”