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Russian Monetary Policy: Work on the Bugs
https://doi.org/10.32609/0042-8736-2015-9-136-151
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.
About the Authors
A. Apokin
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
D. Galimov
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
I. Goloshchapova
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
V. Salnikov
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
O. Solntsev
Center for Macroeconomic Analysis and Short-Term Forecasting (Moscow, Russia)
Russian Federation
Russian Federation
References
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Review
For citations:
Apokin A., Galimov D., Goloshchapova I., Salnikov V., Solntsev O. Russian Monetary Policy: Work on the Bugs. Voprosy Ekonomiki. 2015;(9):136-151. (In Russ.) https://doi.org/10.32609/0042-8736-2015-9-136-151
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