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On the Fundamental Deficiencies of Current Monetary Policy

A. Apokin, D. Belousov, I. Goloshchapova, Irina Ipatova and Oleg Solntsev

VOPROSY ECONOMIKI, 2014, vol. 12

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.

Keywords: macroeconomic policy; expectations; inflation targeting. (search for similar items in EconPapers)
JEL-codes: E52 E58 E65 (search for similar items in EconPapers)
Date: 2014
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