voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2023-1-26-44voprecotest-4271Research ArticleМАКРОЭКОНОМИКАMACROECONOMICSДенежное агрегирование: концепция, критика и современные альтернативыMonetary aggregation: Concept, critics and modern alternativeshttps://orcid.org/0000-0002-9044-5403МоисеевС. Р.MoiseevS. R.

Моисеев Сергей Рустамович, д. э. н., советник первого заместителя Председателя

Москва

Sergey R. Moiseev

Moscow

msr@mail.cbr.ruБанк РоссииРоссияBank of RussiaRussian Federation202303012023012644Copyright © Voprosy Ekonomiki, NP, 20232023Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/4271

Автор благодарит за ценные комментарии и замечания А. В. Гангана, первого замдиректора Департамента денежно-кредитной политики Банка России, Г. Г. Васильеву, директора Департамента статистики Банка России, Е. А. Васильеву, замначальника Управления национальных счетов по финансовому сектору и денежно-кредитной статистики Департамента статистики Банка России, которые активно участвовали в разработке российских денежно-кредитных показателей. Содержание статьи отражает личные взгляды автора и может не совпадать с официальной позицией Банка России.Концепция денежных агрегатов всегда следовала за изменениями в денежно-кредитной политике. Их развитие отражает победы и ошибки денежных властей. Хотя раньше эти агрегаты играли роль операционных и промежуточных целей, сегодня их применяют в анализе банковскогосектора и финансовой стабильности. Некоторые экономисты полагают, что широкие денежные агрегаты, например Divisia, позволяют объяснять макроэкономическую динамику и должны включаться в правила принятия решений о процентной ставке центрального банка. Кроме того, в качестве альтернативы предлагают функциональные денежные агрегаты, которые требуют сложных вычислений. В ближайшем будущем введение цифровых валют центральных банков должно привести к переопределению денежной базы и простых агрегатов.

The concept of monetary aggregates has always followed changes in monetary policy. Its development reflects the victories and mistakes of monetary authorities. Although they played the roles of operational and intermediate targets in the past, today they are used in the analysis of the banking sector and financial stability. Some economists believe that broad monetary aggregates such as Divisia help explain macroeconomic dynamics and should be included in the central bank’s interest rate decision rules. In addition, functional monetary aggregates are proposed as an alternative, behind which there are complex calculations. In the near future, the introduction of central bank digital currencies must lead to a redefinition of the monetary base and simple aggregates.

денежно-кредитная политикацентральный банкденежные агрегатыиндексыагрегированиегибкие функциональные формыmonetary policycentral bankmonetary aggregatesindex numbersaggregationflexible functional formsАвтор благодарит за ценные комментарии и замечания А. В. Гангана, первого замдиректора Департамента денежно-кредитной политики Банка России, Г. Г. Васильеву, директора Департамента статистики Банка России, Е. А. Васильеву, замначальника Управления национальных счетов по финансовому сектору и денежно-кредитной статистики Департамента статистики Банка России, которые активно участвовали в разработке российских денежно-кредитных показателей. Содержание статьи отражает личные взгляды автора и может не совпадать с официальной позицией Банка России.ReferencesМВФ (2007). Руководство по индексу потребительских цен: теория и практика. Вашингтон.IMF (2007). Consumer price index manual: Theory and practice. Washington, DC. (In Russian).Моисеев С. Р. (2008). 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The authors declare that there are no conflicts of interest present.