voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2019-6-5-29voprecotest-2255Research ArticleДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКАMONETARY POLICYИнфляционное таргетирование в мире и РоссииInflation targeting in the world economy and in RussiaЗамараевБ. А.ZamaraevBoris A.

Замараев Борис Александрович, д. э. н.

Москва

Moscow

https://orcid.org/0000-0003-4015-3979КиюцевскаяА. М.KiyutsevskayaAnna M.

Киюцевская Анна Мироновна, к. э. н., с. н. с. Центра изучения проблем центральных банков

Москва

Moscow

kiu2003@mail.ruРоссийская академия народного хозяйства и государственной службы при Президенте РФРоссияRussian Presidential Academy of National Economy and Public AdministrationRussian Federation20190606201906529Copyright © Voprosy Ekonomiki, NP, 20192019Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2255

На основе анализа особенностей реализации денежно-кредитной политики в рамках инфляционного таргетирования показано, что в основе его применения и эволюции лежат объективные причины: снижение темпов прироста потребительских цен, повышение интегрированности мировой экономики, неэффективность реализации иных режимов монетарного управления в открытой экономике. Справедливо это и для России, прошедшей путь от финансовых механизмов планово-централизованной системы хозяйствования до инфляционного таргетирования, подходы и инструменты реализации которого были скорректированы с у четом российских реалий. Выявлено, что режим инфляционного таргетирования в России, наряду с другими мерами макроэкономического управления, стал одним из элементов системы поддержания финансовой стабильности после валютного кризиса 2014 г.

The authors, analyzing features of realization of monetary policy under inflation targeting, show that its application and evolution are based on the objective reasons related to a decrease of consumer prices growth rates all over the world and an increase of the integration of the world economy. It led to the ineffectiveness of other monetary policy regimes in open economies. It is true also for the Russian economy that has passed the way from financial mechanisms of centralized economy to inflation targeting. Its approaches and instruments have been adjusted in accordance with Russian realities. The authors show that application of inflation targeting regime in Russia along with other measures of macroeconomic policy have become one of the elements of the system of maintaining financial stability after the 2014 currency crisis.

инфляционное таргетированиеденежно-кредитная политикаБанк Россиимировая экономикаключевая ставкаинфляциякурсовая политикаinflation targetingmonetary policyBank of Russiaworld economykey rateinflationexchange rate policyReferencesБанк России (2004). Основные направления единой государственной денежно-кредитной политики на 2005 год.Bank of Russia (2004). Guidelines for the single state monetary policy for 2005. (In Russian).Банк России (2007). Основные направления единой государственной денежно-кредитной политики на 2008.Bank of Russia (2007). Guidelines for the single state monetary policy in 2008. (In Russian).Банк России (2008). Основные направления единой государственной денежно-кредитной политики на 2009 год и период 2010 и 2011.Bank of Russia (2008). Guidelines for the single state monetary policy in 2009 and for 2010 and 2011. (In Russian).Банк России (2013). Основные направления единой государственной денежно-кредитной политики на 2014 год и период 2015 и 2016.Bank of Russia (2013). Guidelines for the single state monetary policy in 2014 and for 2015 and 2016.Банк России (2014). Основные направления единой государственной денежно-кредитной политики на 2015 год и период 2016 и 2017.Bank of Russia (2014). Guidelines for the single state monetary policy in 2015 and for 2016 and 2017.Банк России (2015). Основные направления единой государственной денежно-кредитной политики на 2016 год и период 2017 и 2018.Bank of Russia (2015). Guidelines for the single state monetary policy in 2016 and for 2017 and 2018.Борисова И., Замараев Б., Козлова И., Назарова А., Суханов Е. (2016). Российская экономика под гнетом санкций и дешевой нефти // Вопросы экономики. № 7. С. 5—35. https://doi.org/10.32609/0042-8736-2016-7-5-35Borisova I., Zamaraev B., Kozlova I., Nazarova A., Sukhanov E. (2016). Russian economy under the pressure of sanction and cheap oil. Voprosy Ekonomiki, No. 7, pp. 5—35. (In Russian). https://doi.org/10.32609/0042-8736-2016-7-5-35Дробышевский С., Киюцевская А., Трунин П. (2016). Мандат и цели центральных банков: эволюция и уроки кризиса // Вопросы экономики. № 5. С. 5—24. https://doi.org/10.32609/0042-8736-2016-5-5-24Drobyshevskiy S., Kiyutsevskaya A., Truni n P. (2016). Central banks’ mandate and objectives: Evolution and the crisis lessons. Vo pro s y Ekonomiki, No. 5, pp. 5—24. (In Russian). https://doi.org/10.32609/0042-8736-2016-5-5-24Картаев Ф. (2017). Полезно ли инфляционное таргетирование для экономического роста? // Вопросы экономики. № 2. С. 62—74. https://doi.org/10.32609/0042-8736-2017-2-62-74Kartaev Ph. (2017). Is inflation targeti ng useful for economic growth? Voprosy Ekonomiki, No. 2, pp. 62—74. (In Russian).] https://doi.org/10.32609/0042-8736-2017-2-62-74Киюцевская А. М., Трунин П. В. (2017). Курсовая политика в рамках инфляционного таргетирования: мировая практика и действия Банка России // Деньги и кредит. № 5. С. 32—39.Kiyutsevskaya A. M., Trunin P. V. (2017). Exchange rate policy in the framework of inflation targeting: World practice and Bank of Russia actions. Dengi i Kredit, No. 5, pp. 32—39. (In Russian).Пономарев Ю., Трунин П., Улюкаев А. (2014). Эффект переноса динамики обменного курса на цены в России // Вопросы экономики. № 3. С. 21—35. https://doi.org/10.32609/0042-8736-2014-3-21-35Ponomarev Yu., Trunin P., Ulyukaev A. (2014). Exchange rate pass-through in Russia. Voprosy Ekonomiki, No. 3, pp. 21—35. (In Russian). https://doi.org/10.32609/0042-8736-2014-3-21-35Трунин П. В., Божечкова А. В., Киюцевская А. М. (2015). О чем говорит мировой опыт инфляционного таргетирования? // Деньги и кредит. № 4. С. 61—67.Trunin P. V., Bozhechkova A. V., Kiyutsevskaya A. M. (2015). Inflation targeting: What does the world experience say? Dengi i Kredit, No. 4, pp. 61—67. (In Russian).Aliyev I. (2012). Is fiscal policy procyclical in resource-rich countries? CERGE-EI Working Paper Series, No. 464.Aliyev I. (2012). Is fiscal policy procyclical in resource-rich countries? CERGE-EI Working Paper Series, No. 464.Aliyev R. (2012). Monetary policy in resource-rich developing economies. CERGE-EI Working Paper Series, No. 466.Aliyev R. (2012). Monetary policy in resource-rich developing economies. CERGE-EI Working Paper Series, No. 466.Aizenman J., Chinn M. D., Ito H. (2015). Monetary policy spillovers and the trilemma in the new normal: Periphery country sensitivity to core country conditions. NBER Working Paper, No. 21128.Aizenman J., Chinn M. D., Ito H. (2015). Monetary policy spillovers and the trilemma in the new normal: Periphery country sensitivity to core country conditions. NBER Working Paper, No. 21128.Benkhodja M. T. (2011). Monetary policy and the Dutch disease in a small open oil exporting economy. Gate Working Paper, No. 1134.Benkhodja M. T. (2011). Monetary policy and the Dutch disease in a small open oil exporting economy. Gate Working Paper, No. 1134.Bernanke B. S., Mishkin F. S. (1997). Inflation targeting: A new framework for monetary policy? Journal of Economic Perspectives, Vol. 11, No. 2, pp. 97—116.Bernanke B. S., Mishkin F. S. (1997). Inflation targeting: A new framework for monetary policy? Journal of Economic Perspectives, Vol. 11, No. 2, pp. 97—116.Choudri E., Hakura D. (2001). Exchange rate pass-through to domestic prices: Does the inflationary environment matter? IMF Working Paper, No. WP/01/194.Choudri E., Hakura D. (2001). Exchange rate pass-through to domestic prices: Does the inflationary environment matter? IMF Working Paper, No. WP/01/194.Czech National Bank (2008). Ten years of inflation targeting. CNB Economic Research Bulletin, Vol. 6, No. rb06/1.Czech National Bank (2008). Ten years of inflation targeting. CNB Economic Research Bulletin, Vol. 6, No. rb06/1.Devereux M., Yetman J. (2002). Price setting and exchange rate pass-through: Theory and evidence. In: Price adjustment and monetary policy. Ottawa: Bank of Canada, pp. 347—371.Devereux M., Yetman J. (2002). Price setting and exchange rate pass-through: Theory and evidence. In: Price adjustment and monetary policy. Ottawa: Bank of Canada, pp. 347—371.Friedman B. M. et al. (1996). A price target for US monetary policy? Lessons from the experience with money growth targets. Brookings Papers on Economic Activity , Vol. 1996, No. 1, pp. 77—146.Friedman B. M. et al. (1996). A price target for US monetary policy? Lessons from the experience with money growth targets. Brookings Papers on Economic Activity , Vol. 1996, No. 1, pp. 77—146.Husain A. M., Tazhibayev K., Ter-Martirosyan A. (2008). Fiscal policy and economic cycles in oil-exporting countries. IMF Working Paper, No. WP/08/253.Husain A. M., Tazhibayev K., Ter-Martirosyan A. (2008). Fiscal policy and economic cycles in oil-exporting countries. IMF Working Paper, No. WP/08/253.IMF (2012). Macroeconomic policy frameworks for resource-rich developing countries. Washington, DC.IMF (2012). Macroeconomic policy frameworks for resource-rich developing countries. Washington, DC.IMF (2019). Annual report on exchange rate arrangements and exchange restrictions. Washington, DC.IMF (2019). Annual report on exchange rate arrangements and exchange restrictions. Washington, DC.Judson R., Orphanides A. (1999). Inflation, volatility and growth. International Finance, Vol. 2, No. 1, pp. 117—138.Judson R., Orphanides A. (1999). Inflation, volatility and growth. International Finance, Vol. 2, No. 1, pp. 117—138.Kamil H. (2008). Is the central bank intervention effective under inflation targeting regimes? The case of Colombia. IMF Working Paper, No. WP/08/88.Kamil H. (2008). Is the central bank intervention effective under inflation targeting regimes? The case of Colombia. IMF Working Paper, No. WP/08/88.Obstfeld M., Shambaugh J. C., Taylor A. M. (2004). The trilemma in history: Tradeoffs among exchange rates, monetary policies, and capital mobility. NBER Working Paper, No. 10396.Obstfeld M., Shambaugh J. C., Taylor A. M. (2004). The trilemma in history: Tradeoffs among exchange rates, monetary policies, and capital mobility. NBER Working Paper, No. 10396.Orphanides A. (2010). Reflections on inflation targeting. In: D. Cobham, Ø. Eitrheim, S. Gerlach, J. F. Gvigstad (eds.). Twenty years of inf lation targeting: Lessons learned and future prospects(pp. 13—24). Cambridge etc.: Cambridge University Press.Orphanides A. (2010). Reflections on inflation targeting. In: D. Cobham, Ø. Eitrheim, S. Gerlach, J. F. Gvigstad (eds.). Twenty years of inf lation targeting: Lessons learned and future prospects(pp. 13—24). Cambridge etc.: Cambridge University Press.Rey Н. (2018). Dilemma not trilemma: The global financial cycle and monetary policy independence. NBER Working Paper, No. 21162.Rey Н. (2018). Dilemma not trilemma: The global financial cycle and monetary policy independence. NBER Working Paper, No. 21162.Svensson L. E. O. (2011). Monetary policy after the crisis. Speech at the conference “Asia’s role in the post-crisis global economy”, held at Federal Reserve Bank of San Francisco, November 29. https://www.bis.org/review/r111201a.pdfSvensson L. E. O. (2011). Monetary policy after the crisis. Speech at the conference “Asia’s role in the post-crisis global economy”, held at Federal Reserve Bank of San Francisco, November 29. https://www.bis.org/review/r111201a.pdfTaylor A. M. (2010). Global finance after the crisis. Bank of England Quarterly Bulletin , Q4, pp. 366—377.Taylor A. M. (2010). Global finance after the crisis. Bank of England Quarterly Bulletin , Q4, pp. 366—377.Taylor J. (2000). Low inflation, pass-through, and pricing power of firms. European Economic Review, Vol. 44, No. 7, pp. 1389—1408.Taylor J. (2000). Low inflation, pass-through, and pricing power of firms. European Economic Review, Vol. 44, No. 7, pp. 1389—1408.Vega M., Winkelried D. (2012). Inflation targeting and inflation behavior: A successful story? MPRA Paper, No. 838. https://mpra.ub.uni-muenchen.de/838/Vega M., Winkelried D. (2012). Inflation targeting and inflation behavior: A successful story? MPRA Paper, No. 838. https://mpra.ub.uni-muenchen.de/838/Vinayagathasan Th. (2013). Inflation and economic growth: A dynamic panel threshold analysis for Asian economies. Journal of Asian Economics, Vol. 26, pp. 31—41.Vinayagathasan Th. (2013). Inflation and economic growth: A dynamic panel threshold analysis for Asian economies. Journal of Asian Economics, Vol. 26, pp. 31—41.

The authors declare that there are no conflicts of interest present.