voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2013-6-29-44voprecotest-544Research ArticleДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКАMONETARY POLICYБанк России на перепутье: нужно ли смягчать денежно-кредитную политику?Bank of Russia at the Cross-roads: Should Monetary Policy Be Eased?ГорюновЕ. Л.GoryunovE.

научный сотрудник Института экономической политики имени Е.Т.  Гайдара (Москва)

gorunov@iet.ruТрунинП. В.TruninP.

завлабораторией денежно-кредитной политики Института экономической политики имени Е.Т.  Гайдара (Москва)

pt@iep.ruИнститут экономической политики имени Е. Т. Гайдара (Москва)РоссияGaidar Institute for Economic Policy (Moscow, Russia)Russian Federation201320062013062944Copyright © Voprosy Ekonomiki, NP, 20132013Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/544

Замедление темпов экономического роста вынуждает власти искать механизмы стимулирования экономического развития, в качестве одного из них рассматривается денежная эмиссия. В посткризисный период в развитых странах стали активно применять политику радикального денежного смягчения, направленную на поддержание экономической активности. Это, казалось бы, дает дополнительные аргументы в пользу реализации подобной политики в России. Однако такая точка зрения ошибочна, поскольку основа- на на неверных представлениях о целях монетарной политики, проводимой в развитых странах, и игнорирует различия в макроэкономических условиях между ними и Россией.

Recent slowdown of economic growth forces Russian political authorities to seek for policy measures to support economic activity, and monetary expansion is considered as one of possible alternatives. During the post-crisis period monetary authorities of advanced economies have relied heavily on different sorts of monetary stimulus. Thus it is sometimes argued that Russia should better use such kind of experience and shift to aggressive monetary easing. This view is mostly wrong since it demonstrates misunderstanding of the goals of the monetary easing policy implemented in advanced economies and also ignores the differences between Russia and advanced countries with respect to macroeconomic conditions.

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