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Stimulative monetary policy: Myths and reality
https://doi.org/10.32609/0042-8736-2017-5-5-28
Abstract
In the paper we critically assess the stimulative monetary policy, proposed by the Stolypin Club and other experts. We discuss its inflationary consequences, the ability to accelerate economic growth along with created distortions in credit markets. We argue that the long-term macroeconomic stability cannot be sustained under managed exchange rate. We provide counterarguments to views, according to which inflation in Russia has nonmonetary roots and it is possible to increase money supply without causing inflation due to undermonetization of Russian economy and low utilization of production capacities. Negative consequences of monetary easing are illustrated with recent Belorussian experience.
About the Authors
A. Kudrin
Gaidar Institute for Economic Policy; St. Petersburg State University; St. Petersburg, Russia
Russian Federation
Russian Federation
E. Goryunov
Gaidar Institute for Economic Policy
Russian Federation
Russian Federation
P. Trunin
Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration
Russian Federation
Russian Federation
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Review
For citations:
Kudrin A., Goryunov E., Trunin P. Stimulative monetary policy: Myths and reality. Voprosy Ekonomiki. 2017;(5):5-28. (In Russ.) https://doi.org/10.32609/0042-8736-2017-5-5-28
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