Long-term Challenges for the Monetary Policy in Russia: Climate Change, Demographics and Digital Rouble Adoption

Долгосрочные вызовы для российской монетарной политики: климатические изменения, демография и введение цифрового рубля

Eugene Goryunov

Russian Economic Development, 2021, issue 11, 9-13

Abstract: According to the project of the “General lines of unitary governmental monetary policy on the 2022 and the period of 2023–2024”, published by the Bank of Russia, global climate change and demographics should prospectively be considered as a factors of macroeconomics dynamics and therefore taken into account when monetary policy decisions are made. Also Russian monetary authority confirms that it is going to adopt digital currency. These innovations are discussed in the paper. I support the idea that transition to inflation targeting in 2014 was a key factor ensuring that inflationary expectations were anchored, which created the conditions for a countercyclical stimulating monetary policy during the recent economic downturn.

Keywords: monetary policy; global climate change; demographics; inflation targeting (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 J11 Q54 (search for similar items in EconPapers)
Date: 2021
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