Monetary Policy For Economic Growth In Russia: Accumulative Slowing Effect

Abstract

The study is devoted to assessing the impact of monetary policy on economic growth in Russia in 2000-2020, with a separate analysis of the main directions of monetary policy in 2022, formulated with a perspective up to 2025. The purpose is to demonstrate the inhibitory effect of monetary policy, as well as to identify the conceptual contradictions embedded in the main legal documents. The methodology is based on the theory of economic growth and economic policy, empirical-statistical and regression analysis. The application of the methodology allows us to come to the conclusion that over the period under study, monetary policy aimed at reducing inflation, while achieving this goal, in general, contributed to the slowdown of economic growth in Russia, in no way ensuring balanced and sustainable growth. Thus, relatively low price dynamics was not a condition for sustainable growth. Monetary policy in Russia in 2000-2022 was characterized by a negative effect, that is, the elimination of the sensitivity of the main macroeconomic development goals to monetary policy instruments. This blocked new growth factors. The way out is to change the basic principles and postulates of monetary policy in Russia.