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Frontiers of Monetary Policy: Global Trends and Russian Inflation Targeting Practices (Review of the Book Advancing The Frontiers of Monetary Policy Ed. By T.Adrian, D.Laxton, M.Obstfeld)
Russian Journal of Money and Finance. 2018. Vol. 77. No. 2. P. 95-100.
Юдаева К. В.
The IMF published in April 2018 the book Advancing the Frontiers of Monetary Policy written by its experts and edited by Tobias Adrian, Douglas Laxton, and Maurice Obstfeld, providing a rare chance to learn the views of people who could be called the architects of inflation targeting. The book deals with practical issues of using this monetary policy regime which has quickly gained wide acceptance and is currently employed by central banks of most countries in the world. Some issues of inflation targeting policy further improvements brought up in the book are also relevant to Russia.
Khasyanova S. Y., М. : НИЦ Инфра-М, 2015
Monograph by S. Khasyanova «Upgrading Banking Regulation and Supervision in Russia in the line with International Standards» is devoted to the study of the development of banking regulation and supervision in Russia on the basis of international principles and standards. The process of implementation of international principles and standards of banking regulation in the Russian ...
Added: December 16, 2015
Абрамова М. А., Криворучко С. В., Свирина Е. М., Банковские услуги 2015 № 5 С. 2-9
Приведены мнения экспертов по некоторым дискуссионным вопросам современной государственной денежно-кредитной политики России. Акценты сделаны на анализе целей деятельности Банка России в области денежно-кредитной политики, современного инструментария денежно-кредитного регулирования, вопросов применения режима таргетирования инфляции в России. ...
Added: May 22, 2018
Karev M. G., Журнал Новой экономической ассоциации 2011 № 9 С. 72-97
В работе предлагается формальный метод выявления предпочтений российского регулятора как на качественном, так и на количественном уровне. Основная идея заключается в том, чтобы по наблюдаемому поведению инструмента денежной политики (номинального обменного курса) сделать заключение о лежащих в основе этого поведения предпочтениях ЦБ. Для количественного анализа используется имитационная модель российской экономики. Метод основывается на включении в ...
Added: December 26, 2012
Pestova A., Вопросы экономики (Российская Федерация) 2017 № 4
This paper analyzes the basic parameters of monetary development in 2000-2015 in Russia. We provide the systematization of tools and objectives of monetary policy of the Bank of Russia and identify the periods of homogeneity of monetary policy regimes. On the basis of this research we develop the recommendations for further quantitative research aimed at ...
Added: April 13, 2017
Goryunov E., Drobyshevsky S., Kudrin A. L. et al., Вопросы экономики 2023 № 7 С. 5-34
The world economy has recently experienced a strong inflationary shock, which the leading research institutions and central banks were unable to predict. In advanced economies inflation rates spiked up to levels had not been seen for decades. Inflation also hit emerging economies albeit the shocks of such magnitude are more common for the countries of ...
Added: August 23, 2023
Suchkova E. O., Господарчук Г. Г., М. : Русайнс, 2019
В монографии исследованы теоретические, методологические и практические аспекты финансовой стабильности. Разработана методология многоуровневой системы диагностики и регулирования финансовой стабильности. Предложены новые индикаторы рыночной и институциональной финансовой стабильности, а
также критерии качественной оценки финансовой стабильности. Разработаны критерии сбалансированности рыночной и институциональной финансовой стабильности. Предложен механизм формирования Карт рисков и выявления на их основе финансовых дисбалансов межуровневого характера. Предложен аналитический
инструментарий ...
Added: December 16, 2019
Kuznetsova O., Merzlyakov S., Деньги и кредит 2015 № 12 С. 34-39
The paper is devoted to the information policy of the central banks. In particular, the authors consider regular and irregular
communication channels of the Bank of Russia used for the transmission of information, and compare them to other countries
with inflation targeting. Moreover, they discuss further improvement of the Bank of Russia’s transparency. ...
Added: December 4, 2015
Pak Y., Pekarski S. E., Экономическая политика 2022 Т. 17 № 6 С. 8-39
Financial repression refers to the distorting effect of certain government policies on the operation of the financial sector. Several empirical studies of financial repression point out that financial repression retards economic growth by decreasing investment activity in the economy, but the impact of financial repression on inflationary processes has not been adequately studied. This paper ...
Added: January 12, 2023
Свирина Е. М., Экономика. Налоги. Право 2015 № 1 С. 100-106
The article analyzes the experience of two developed countries - New Zealand and Canada, which successfully carried out the transition to the inflation targeting regime in the conditions of macroeconomic instability expressed in the fall of GDP growth rate, unemployment growth and inflation. The purpose of the study is to demonstrate, on the example of ...
Added: May 22, 2018
Dzhagityan E. P., Мировая экономика и международные отношения 2017 Т. 61 № 11 С. 13-23
The author looks into the optimal model of international banking regulation using principles and mechanism of macroprudential policy. Severity of the recent global financial crisis uncovered a series of deficiencies in traditional (microprudential) regulation and triggered a broader and advanced understanding of the regulatory framework while putting on the agenda priorities of interrelationships between micro- ...
Added: June 20, 2017
Zhemkov M., / Bank of Russia. Series No. 68 / February 2021 "Bank of Russia Working Paper Series". 2021. No. 68.
This paper presents a forecast combination approach for short-term assessment of economic growth in Russia. Our method significantly expands the existing domestic academic literature and embraces most advanced nowcasting techniques. The key feature of our approach is forecasting the growth rates of components GDP by expenditure using scenario indicators and a huge set of high-frequency ...
Added: May 11, 2021
Borzykh O., Могилат А. Н., Деньги и кредит 2017 № 9 С. 48-54
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. ...
Added: August 24, 2017
Pak Y., Pekarski S. E., Вопросы экономики 2024 № 1 С. 33-51
The global economic crisis caused by the COVID-19 pandemic has once again shown the key role of fiscal stimulus. At the same time, in many developed countries, stimulating monetary policy was limited by the already achieved zero interest rates. But the fight against the consequences of the coronavirus with fiscal policy instruments had a negative ...
Added: March 12, 2024
Mamonov M. E., Pestova A., Солнцев О. Г., Вопросы экономики 2011 № 7 С. 79-100
Начиная с 2010 года вопросы развития розничных платежных систем в России стали активно обсуждаться широкой общественностью. Однако оценка возможных макроэкономических эффектов от развития розничных платежных систем в России осталась за рамками последней дискуссии. В нашем исследовании представлена систематизация позитивных эффектов, связанных с развитием безналичных платежей, а также проанализированы ключевые тенденции в замещении наличных средств платежа ...
Added: December 28, 2012
Sokolova A., / Высшая школа экономики. Series WP12 "Научные доклады лаборатории макроэкономического анализа". 2013. No. 3.
The aim of this research is to identify the process that guides the evolution of infl ation expectations in Russia. The signifi cance of this theoretical issue is stipulated by the fact that the characteristics of this process are the key determinants of both infl ation dynamics and the effectiveness of disinfl ation measures introduced ...
Added: January 23, 2014
Slobodyan S., International Journal of Central Banking 2018 Vol. 14 No. 2 P. 337-346
I argue that the rather unfavorable conclusions of the three papers in the session on "Coordination and Tradeoffs" might not be as bad as they seem. In particular, I dwell on challenges facing the central bank using an interest rate that is different from the risk-free rate in its Taylor rule, and show that proper ...
Added: October 7, 2018
Напалков В. В., Novak A., Shulgin A. G., Деньги и кредит 2021 № 80(1) С. 3-45
This research analyses regional heterogeneity in the reaction of core inflation to shocks of a single monetary policy on the example of Russia. We use a global vector autoregression model to estimate impulse response functions of core inflation in Russian regions to monetary policy shocks. The average 5-year cumulative response of regional core inflation to ...
Added: March 31, 2021
Sokolova A., International Journal of Computational Economics and Econometrics 2014 Vol. 4 No. 1/2 P. 254 -268
The aim of this research is to identify the process that guides the evolution of inflation expectations in Russia. The significance of this theoretical issue is stipulated by the fact that the characteristics of this process are the key determinants of both inflation dynamics and the effectiveness of disinflation measures introduced by the Central Bank. ...
Added: April 25, 2014
Dobrynskaya V. V., / Высшая школа экономики. Series WP BRP 55/LNG/2017. 2007. No. 04.
This paper analyses the optimal monetary policy under incomplete pass-through and asymmetric price rigidity. In a general equilibrium sticky price model of a small open economy we fi nd that the optimal interest rate rule is to respond to all types of shocks in an economy: real exchange rate shocks, supply shocks and demand shocks. ...
Added: March 12, 2013
Шевченко Е. С., Вестник Ивановского государственного университета. Серия: Экономика 2017 № 1 (31) С. 85-89
Рассмотрены институциональные факторы, оказывающие влияние на механизм инфляционного таргетирования. В рамках теории контрактов описано взаимодействие основных макроэкономических агентов и варианты проявления их оппортунистического поведения. Предложены классификации институциональных факторов по сфере их формирования, а также по возможности изменения во времени. ...
Added: October 2, 2019
Khasyanova S. Y., Вопросы статистики 2020 Т. 27 № 4 С. 97-113
The last decade was characterized by the improvement of the financial systems’ monitoring mechanism at the national and international levels aimed at making effective decisions on financial stabilisation. The purpose of this study is to assess the sustainability of banking sectors of the leading economically developed and developing countries for the period 2009-2018, taking into ...
Added: September 13, 2020
Nikolaeva M., Seregina S., Горизонты экономики 2016 № 6(33) С. 7-24
This article provides an overview of different approaches to defining financial stability,
presented in a modern foreign economic literature and in the publications of Central
banks, as well as examines the main directions of the analysis of this concept. The
article also addresses the missing links in the characteristics of financial stability and
the ways of ...
Added: February 14, 2017
Demidova O., Karnaukhova E., Коршунов Д. А. et al., Вопросы экономики 2021 № 6 С. 77-102
We analyze the heterogeneous influence that monetary policy has on the growth rates of real personal income in 79 Russian regions over the period from 2Q2015 to 4Q2019, taking into account some of the channels of monetary policy transmission mechanism and spatial effects. The analysis was performed on the basis of panel data and a ...
Added: June 11, 2021
Dobrynskaya V. V., Turkisch E., Post-Communist Economies 2010 Vol. 22 No. 3 P. 283-302
Despite the impressive economic growth in Russia between 1999 and 2007, there is a fear that Russia may suffer the Dutch disease, which predicts that a country with large natural resource rents may experience a de-industrialisation and a lower long term economic growth. In this paper we study if there are any symptoms of the ...
Added: October 4, 2012