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On the fundamental Deficiencies of Current monetary Policy
https://doi.org/10.32609/0042-8736-2014-12-80-100
Abstract
We outline three main shortcomings of current monetary policy in Russia for 2014. First, monetary policy is too strict: we estimate output gap over -3% potential GDP, and rule-based key rate is 6,25%. Second, Bank of Russia in 2014 clearly ignores its second goal of promoting stable and developing financial system. Third, today economic agents lack for clear expectations of monetary policy rules, and it is Bank of Russia’s duty to help forming these expectations - both through public commitments and independent monetary policy review.
About the Authors
A. Apokin
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
D. Belousov
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
I. Goloshchapova
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
I. Ipatova
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
O. Solntsev
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
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Review
For citations:
Apokin A., Belousov D., Goloshchapova I., Ipatova I., Solntsev O. On the fundamental Deficiencies of Current monetary Policy. Voprosy Ekonomiki. 2014;(12):80-100. (In Russ.) https://doi.org/10.32609/0042-8736-2014-12-80-100
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