Affiliation:
1. Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Abstract
This paper reviews the consequences of monetary policy tightening by the Bank of Russia in 2014 for Russian ecomony 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.
Subject
Economics and Econometrics,Finance
Reference19 articles.
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2. Badasen P., Isakov A., Khazanov A. (2015). Modern monetary policy: Relevant criticism or misunderstanding in the expert community? Voprosy ekonomiki, No. 6, pp. 123—147. (In Russian).
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