A retrospective assessment of the central bank’s loss function: Evidence from Russia and some other countries

Subject. This article conducts a retrospective assessment of the optimality of the monetary policy implemented using the central banks' loss function in an cross-country perspective. Objectives. The article aims to analyze the changes and trends in the loss function of the central banks of Russia, Belarus, Kazakhstan, Turkey, China, India, the USA, and the Eurozone. Methods. For the study, I used a systems approach, and the methods of statistical analysis and mathematical modeling. Results. The article describes the obtained values of the central bank's loss function in the context of selected countries, conducts a comparative assessment of them, and characterizes the reasons that influenced their emergence. Relevance. The results obtained can be used to enhance the effectiveness of the monetary policy being conducted.