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Belarusian authorities contemplate transiting to inflation targeting. The paper suggests a small structural model at the core of the forecasting and policy analysis system. A well-researched canonical structure of Berg, A., Karam, P. and D. Laxton (2006) is extended to capture specifics of Belarusian economy and macroeconomic policy. The modified model’s policy block reflects a monetary targeting regime and allows for transition from it to an interest-rate-based framework. Adding wages, directed lending and dollarization allow for studying implications of activist wage policy, state program lending, and dollarization for macroeconomic stability and the strength of the policy transmission mechanism.

Belarus --- Republic of Belarus --- Rėspublika Belarusʹ --- Republic of Byelarusʹ --- Respublika Byelarusʹ --- Byelarus --- République de Bélarus --- República de Belarús --- Republik Belarus --- Weissrussland --- White Russia --- Belorussia --- Belorus --- Biélorussie --- Bielorussia --- Białoruś --- Беларусь --- Рэспубліка Беларусь --- Республика Беларусь --- ベラルーシ --- Berarūshi --- Byelorussian S.S.R. --- Economic conditions --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Production and Operations Management --- Money and Interest Rates: Forecasting and Simulation --- Monetary Policy --- Quantitative Policy Modeling --- Price Level --- Deflation --- Macroeconomics: Production --- Demand for Money --- Macroeconomics --- Monetary economics --- Currency --- Foreign exchange --- Exchange rates --- Inflation targeting --- Output gap --- Demand for money --- Prices --- Monetary policy --- Production --- Money --- Economic theory --- Belarus, Republic of