Monetary Policy and Global Financial Crisis: Methodological Aspects and Lessons for Russia-Reference-Cited by-同舟云学术

Monetary Policy and Global Financial Crisis: Methodological Aspects and Lessons for Russia

Published:2008-11-20 Issue:11 Volume: Page:38-50
ISSN:0042-8736
Container-title:Voprosy Ekonomiki
language:
Short-container-title:Vopr. èkon.

Author:

Andryushin S.¹,Burlachkov V.²

Affiliation:

1. Institute of Economics, Russian Academy of Sciences; Lomonosov Moscow State University

2. Institute of Economics, Russian Academy of Sciences; Academy of Labor and Social Relations

Abstract

The article develops the integral approach to formulating and realizing modern monetary policy which is capable to replace the traditional one, characterized as fragmental and non-systematic. Global financial crisis has revealed the absence of sufficient instruments of monetary policy and led to transformation of central banking functions. Monetary authorities are now not just lenders of last resort, but actually sponsors of financial market of last resort. The efficiency of monetary policy in future must be formed by its integrity (interactions of its objects) and close connections with real economy as well.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference6 articles.

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5. Goodhart Ch. What Weight Should Be Given to Asset Prices in the Measurement of Inflation // Economic Journal. 2001. Vol. 111, June.

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