Analysis reveals heterogeneity in investment responses to monetary policy in various sectors, suggesting targeted strategies.
This article examines factors driving heterogeneity in the impact of monetary policy on fixed capital investment across sectors of the Russian economy. The authors refer to the Bank of Russia’s key rate as the monetary policy instrument that influences overnight interbank lending rates. The study highlights significant factors that can potentially affect the investment dynamics across various industries.The methodological framework of the study is based on monetary concepts. The methods used in this work include econometric analysis of shocks of various natures affecting the target variable, as well as modelling and comparative analysis. Data from Rosstat, the Unified Interagency Information Statistical System (EMISS), the Bank of Russia, global commodity exchanges, and the OECD Database, covering the years 2013 to 2022, served as the information base for this study.The first stage of the study involved identifying key drivers of industry investment dynamics, which included global commodity prices, exchange rate fluctuations, and monetary policy decisions. The second stage revealed the reasons for heterogeneity of the monetary policy effects on investments in different industries.The findings underline the importance of the interest rate and the credit channels of the monetary policy transmission mechanism, as well as the role of investment decisions. The results of the study clarify why some industries are more sensitive to monetary policy shocks, and can guide the choice of effective investment stimulus measures.
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Bolyachin et al. (2025) studied this question.