voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2014-11-107-121voprecotest-723Research ArticleДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКАMONETARY POLICYПерспективы режима таргетирования инфляции в РоссииPerspectives on inflation Targeting Regime in RussiaАндрюшинС. А.AndryushinS.

д. э. н., проф., завсектором денежно-кредитной и валютной политики Института экономики РАН (Москва)

sandr956@gmail.comИнститут экономики РАН (Москва)РоссияInstitute of Economics, RAS (Moscow, Russia)Russian Federation201420112014011107121Copyright © Voprosy Ekonomiki, NP, 20142014Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/723

В статье анализируется денежно-кредитная политика Банка России в 2008-2014 гг. Представлена динамика макроэкономических показателей, свидетельствующая о неготовности Банка России перейти к режиму таргетирования инфляции. Утверждается, что стабильность внутренних цен невозможна без стабильности курса национальной валюты. Показано, что если краткосрочные процентные ставки находятся вблизи верхних границ процентного коридора, то ключевую ставку нельзя рассматривать в качестве основного инструмента денежно-кредитной политики. Обосновано, что для снижения излишней волатильности на потребительском и финансовом рынках страны целесообразно проводить политику управления финансовым счетом, используя для этого прямые и косвенные инструменты контроля за трансграничными потоками частного и общественного капитала.

The paper analyzes monetary policy of the Bank of Russia from 2008 to 2014. It presents the dynamics of macroeconomic indicators testifying to inability of the Bank of Russia to transit to inflation targeting regime. It is shown that the presence of short-term interest rates in the top borders of the percentage corridor does not allow to consider the key rate as a basic tool of monetary policy. The article justifies that stability of domestic prices is impossible with-out exchange rate stability. It is proved that to decrease excessive volatility on national consumer and financial markets it is reasonable to apply a policy of managing financial account, actively using for this purpose direct and indirect control tools for the cross-border flows of the private and public capital.

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