On the fundamental Deficiencies of Current monetary Policy-Reference-Cited by-同舟云学术

On the fundamental Deficiencies of Current monetary Policy

Published:2014-12-20 Issue:12 Volume: Page:80-100
ISSN:0042-8736
Container-title:Voprosy Ekonomiki
language:
Short-container-title:Vopr. èkon.

Author:

Apokin A.¹,Belousov D.¹,Goloshchapova I.¹,Ipatova I.¹,Solntsev O.¹

Affiliation:

1. Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)

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.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference28 articles.

1. Apokin A, Ipatova I. (2014). Potential GDP of Russia: is there a Great Recession structural break? Mimeo

2. Bank of Russia (2014). Guidelines for the Single State Monetary Policy in 2015 and for 2016 and 2017.

3. Vdovichenko A., Voronina V. (2004). Monetary policy rules and their application in Russia. Moscow: EERC.

4. Woodford M. (2014). ¬Inflation Targeting: Fix It, Don’t Scrap It // Voprosy Ekonomiki. No 10. P. 44—55.

5. Goloshchapova I. (2014a). Bank of Russia Monetary Policy in the Context of the International Experience: efficiency and robustness. Mimeo.

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