Monetary Policy in Russia During the Crisis

M. Golovnin
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M. Golovnin: Institute of Economics, Russian Academy of Sciences, Moscow, Russia

Journal of the New Economic Association, 2016, vol. 29, issue 1, 168-174

Abstract: The author analyzes the challenges for monetary policy in Russia in 2014-2015, related to the strengthening of the impact of external shocks on the Russian economy. It is shown that the transition to a freely floating exchange rate and inflation targeting regime in late 2014 - early 2015 was fraught with increased financial instability and limitation of anti-crisis role of monetary policy. Practical recommendations on improvement of monetary policy in current Russian conditions are offered, including the transition to a limited discretionary policy, strengthening of the exchange rate policy and the introduction of certain restrictions on the cross-border capital flows.

Keywords: monetary policy; external shocks; economic crisis; inflation targeting; exchange rate policy; restrictions on cross-border capital flows (search for similar items in EconPapers)
JEL-codes: E52 F41 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2016:i:29:p:168-174

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