Stimulative monetary policy: Myths and reality-Reference-Cited by-同舟云学术

Stimulative monetary policy: Myths and reality

Published:2017-05-20 Issue:5 Volume: Page:5-28
ISSN:0042-8736
Container-title:Voprosy Ekonomiki
language:
Short-container-title:Vopr. èkon.

Author:

Kudrin A.¹,Goryunov E.²,Trunin P.³

Affiliation:

1. Gaidar Institute for Economic Policy; St. Petersburg State University; St. Petersburg, Russia

2. Gaidar Institute for Economic Policy

3. Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration

Abstract

In the paper we critically assess the stimulative monetary policy, proposed by the Stolypin Club and other experts. We discuss its inflationary consequences, the ability to accelerate economic growth along with created distortions in credit markets. We argue that the long-term macroeconomic stability cannot be sustained under managed exchange rate. We provide counterarguments to views, according to which inflation in Russia has nonmonetary roots and it is possible to increase money supply without causing inflation due to undermonetization of Russian economy and low utilization of production capacities. Negative consequences of monetary easing are illustrated with recent Belorussian experience.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference60 articles.

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