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Russian Monetary Policy: Work on the Bugs

A. Apokin, Dmitry Galimov, I. Goloshchapova, Vladimir Salnikov and Oleg Solntsev

VOPROSY ECONOMIKI, 2015, vol. 9

Abstract: This paper reviews the consequences of monetary policy tightening by the Bank of Russia in 2014 for Russian economy in general, banking system and the real sector. Based on official statements, the new implied monetary policy principles for 2015 are outlined. The paper also proposes several policy measures to overcome the credit shock caused in part by over-tightening of monetary policy in 2014. It relies on Bank of Russia Monetary Policy reports and the article of Bank of Russia experts (Badasen et al., 2015) to illustrate the approach to economic analysis that led to a monetary policy-induced credit shock.

Keywords: monetary policy; capacity utilization; inflation targeting; credit shock. (search for similar items in EconPapers)
JEL-codes: E52 E58 E65 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:2015-09-8

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