voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2018-1-26-44voprecotest-368Research ArticleВОПРОСЫ ТЕОРИИISSUES OF THEORY«Ренессанс» монетаризма: чем жила знаменитая теория в 2000-2018 годахMonetarism’s “renaissance”: How the well-known theory lived in 2000-2018МоисеевС. Р.MoiseevS. R.

д. э. н., советник первого заместителя Председателя Банка России,

Москва

msr@mail.cbr.ruБанк РоссииРоссияThe Bank of RussiaRussian Federation201820012018012644Copyright © Voprosy Ekonomiki, NP, 20182018Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/368

Классический монетаризм ушел в прошлое. Однако на смену ему пришла новая школа, которая возникла в 2005-2010 гг. под названием«новый» монетаризм. Новое направление достаточно молодо, и область его влияния ограничивается моделированием. На практике в денежно-кредитной политике используются идеи «старого» монетаризма: например, правила денежно-кредитной политики, таргетирование денежного предложения в развивающихся странах и сохранение денег как экономической переменной в денежно-кредитном анализе. Ряд важных принципов монетаризма сохранился в современном макроэкономическом анализе. В частности, обеспечение ценовой стабильности выступает главной, хотя и не единственной целью центрального банка. Для поддержания доверия к денежно-кредитной политике ключевая роль отводится публичным обязательствам ЦБ. Денежно-кредитная политика (а не налогово-бюджетная) рассматривается как главное средство краткосрочной макроэкономической стабилизации.

The classical monetarism passed away. However it was substituted by a new school that rose in 2005-2010 under the name of “new” monetarism. The new direction is rather young and its area of influence is limited to modeling. Several ideas of “old” monetarism are used in the practice of monetary policy: for example, monetary policy rules, monetary targeting in developing economies and using of money as an economic variable in the monetary analysis. Some important principles of monetarism have remained in the modern macroeconomic analysis. In particular, price stability is the ultimate, but not unique goal of any central bank. The public commitment of the central bank is the key for confidence to monetary policy. Monetary policy (but not fiscal policy) is considered as the main tool of short-term macroeconomic stabilization.

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