voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2017-10-50-70voprecotest-349Research ArticleДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКАMONETARY POLICYОдиссея инфляционного таргетирования: к новым вызовам денежно-кредитной политикиThe odyssey of inflation targeting: To new challenges of monetary policyМоисеевС. Р.MoiseevS.

д. э. н., советник первого заместителя Председателя Банка России (Москва)

msr@mail.cbr.ruБанк РоссииРоссияThe Bank of RussiaRussian Federation2017201020170105070Copyright © Voprosy Ekonomiki, NP, 20172017Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/349

Что такое инфляционное таргетирование сегодня? Популярный режим денежно-кредитной политики претерпел значительные изменения за последнюю четверть века. Центральные банки в развитых странах получили двойной мандат, появились элементы денежного таргетирования, произошел отход от процентной ставки как главного инструмента денежно-кредитной политики, новации в политике коммуникаций коснулись раскрытия прогноза будущей ставки и альтернативных оценок инфляции. Для развивающихся стран характерны отклонения фактической инфляции от целевого ориентира, де-факто отказ от инфляционного таргетирования в пользу гибридных режимов, а также манипулирование целевым ориентиром инфляции.

What has happened to inflation targeting after a quarter of the century? The popular regime of monetary policy has experienced considerable changes. Central banks of developed economies received the double mandate; there were elements of monetary targeting, there was departure from an interest rate as the main instrument of monetary policy; innovations in communication policy are devoted to the disclosure of the forecast of future interest rate and alternative inflation estimates. There are deviations of the actual inflation from an inflation target, de facto moving from inflation targeting to hybrid regimes, and manipulation of inflation target in developing economies.

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