Монетарный анализ: альтернативный взгляд на трансмиссионный механизм в российской экономике
The article studies the role of monetary analysis in inflation targeting and Bank of Russia’s monetary policy. We place emphasis on the approaches to inflation monetary risks estimation (these risks are caused by enhanced growth of monetary aggregates). We found out that currently money growth is not a key factor of inflation in Russian economy. Its contribution accounts only for one third of price growth. In addition, there is no evidence that monetary aggregates’ dynamics will cause inflation acceleration in midterm. To sum up, current dynamics of money supply will not prevent Bank of Russia to hit inflation target in 2017 and maintain inflation around 4% level in the future.