?
Структурные элементы режима таргетирования инфляции
Банковское дело. 2015. № 4. С. 15-20.
Свирина Е. М., Криворучко С. В.
Inflation targeting implementation is unique in every country, even though it combines same structural elements. The individuality of the regime is expressed in the choice of monetary policy instruments, ways of assessing the economic and inflationary processes, forms of accountability to the government and society, targeting horizon and the desired level of inflation target, as well as a quantitative definition of price stability in the country, which is often different from the current targets. The article focuses on the aspects of choice of inflation targeting structural elements.
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
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
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
Dobrynskaya V. V., , in : Monetary Policy, Trade and Convergence. The Case of Transition Economies. : Berlin : LIT Verlag, 2009. P. 47-78.
The problem of optimal monetary policy is extremely relevant for Russia. Although the monetary authority claims that inflation targeting is the main goal of the monetary policy, empirical finding suggest that the real exchange rate targeting is of major importance (see Vdovichenko / Voronina 2004). Due to the rising flow of petrodollars, the rouble is ...
Added: August 1, 2013
Свирина Е. М., Криворучко Е. М., Деньги и кредит 2015 № 11 С. 46-52
Статья посвящена анализу особенностей реализации режима таргетирования инфляции при сохранении элементов системы валютного регулирования. Представлен опыт развивающихся стран, таргетирующих инфляцию в условиях волатильности валютного курса. Предлагается рассматривать режим таргетирования инфляции в более гибком формате, позволяющем встроить инструменты валютной политики в структурные элементы режима, не создавая условий противодействия процессу поддержания ценовой стабильности в стране. ...
Added: May 22, 2018
Borzykh O., Экономический журнал Высшей школы экономики 2016 Т. 20 № 3 С. 377-414
The aim of this paper is to reveal the main features of the bank lending channel in the Russian economy. Having the answer to this question is important for increasing the efficiency of monetary policy because it will allow to evaluate the extent to which monetary policy impulses affect bank loans that are one of ...
Added: November 14, 2016
Свирина Е. М., Экономика. Налоги. Право 2014 № 2 С. 60-65
The paper analyzes the worldwide practice of monetary policy in the aftermath of the economic and financial crisis along with specifics of using the central bank tools, and shows the role of financial stability as an external factor to effect the process of meeting the objectives of the monetary policy. ...
Added: May 22, 2018
Borzykh O., / Высшая школа экономики. Серия WP2 "Количественный анализ в экономике". 2016. № WP2/2016/02.
The aim of this paper is to reveal the main features of the bank lending channel in the Russian economy. Having the answer to this question is important for increasing the efficiency of monetary policy because it will allow to evaluate the extent to which monetary policy impulses affect bank loans that are one of ...
Added: November 14, 2016
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
Dobrynskaya V. V., / Высшая школа экономики. Series WP9 "Исследования по экономике и финансам". 2008. No. 02.
We build a New Keynesian model of a small open economy and analyze the optimal monetary policy assuming symmetric and asymmetric price rigidity. We find that, in the presence of asymmetric price rigidity, inflationary and deflationary shocks should be treated asymmetrically, and the optimal direction of the asymmetry depends on the price rigidity and the ...
Added: March 18, 2013
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
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
Elahovsky V., Российская экономика: прогнозы и тенденции 2019 № 1-12 С. 10-12
Based on monthly statistical data on indicators of the monetary sphere of Russia its condition is analyzed and short-term prospects of its change are estimated ...
Added: October 28, 2019
Zamulin O. A., Sosunov K. A., / ЦЭФИР и РЭШ. Series WP101-1 "Научные труды ЦЭФИР и РЭШ". 2007. No. 101.
The paper studies monetary policy in an economy, in which the manufacturing sector is ousted completely by the presence of a large natural resource industry. Thus, the economy produces only non-tradable goods, which can complement or substitute imported goods, and the primary shock to the economy comes from the ”uctuations in the world price of ...
Added: April 22, 2013
Berlin : LIT Verlag, 2009
The historical changes in Central and Eastern Europe demanded suitable paths for the transition from centrally planned to market based economies. The lack of relevant experience added to the challenge, giving rise to the incalculable risks of implementing untested policies. By focusing on monetary policy, trade, and convergence, this volume addresses some of the most ...
Added: August 1, 2013
Borzykh O., Прикладная эконометрика 2016 Т. 43 № 3 С. 96-117
Implementation of inflation targeting by the Bank of Russia depends on the effectiveness of the chan-nels of monetary policy transmission mechanism. In this article we use a TVP-FAVAR model to examine the bank lending channel. This channel describes the connection between monetary policy impulses and the amount of bank loans that are among the main ...
Added: November 14, 2016
Novak A., Khvostova I., Кабаев В. Н., Финансовая аналитика: проблемы и решения 2012 № 47(137) С. 24-35
В статье проведены систематизация и анализ теорий выбора валютного режима для стран, либерализующих свою финансовую систему. Рассмотрены проблемы и варианты их преодоления в рамках различных валютных режимов. Авторы исследуют валютные привязки для пяти стран методом скользящей регрессии. Полученные траектории оценок коэффициентов позволили проследить изменение курса национальной валюты по отношению к изменению курса базовой валюты. Эмпирическая ...
Added: December 28, 2012
Smirnov S. V., Problems of Economic Transition 2010 Vol. 53 No. 3 P. 26-44
Based on an analysis of exchange rates and industrial production in the world’s twenty-five largest economies during the current global crisis, the author challenges the commonly held concept that the absorption of exogenous shocks that stabilizes the real sector of the economy is one of the advantages of a free-floating exchange rate policy. The article ...
Added: April 12, 2013
Khon O. D., Банковские услуги 2015 № 5 С. 14-18
This article is about forms of modern collateral in bank corporate loan system. Comparative analysis of qualitative characteristics and its impact on the activity of bank loan commitments' parties is given. ...
Added: October 27, 2016
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
Андрюшин С. А., Karminsky A. M., Андрюшин С. А., Вестник Института экономики Российской академии наук 2021 № 2 С. 182-198
The article provides a review of the speeches of the participants of the thematic conference
"Banks and Financial Markets" of the Fourth Russian Economic Congress (REC-2020), and
links to previously published works of the speakers on the topic of the speeches, are given.
The congress was timed to coincide with the 90th anniversary of the Institute of Economics
of ...
Added: April 14, 2021
Криворучко С. В., Тамаров П. А., Свирина Е. М., Банковское дело 2014 № 7 С. 34-40
The article examines the relationship and interaction of monetary policy and national payment system elements. Particular attention is paid to the liquidity management process in central banks' payment systems. Authors show the case of efficient liquidity usage within a payment system of Bank of Russia, as well as the interaction between Bank of Russia monetary ...
Added: May 22, 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
Kosov M., Финансы и кредит 2018 Т. 24 № 3 (771) С. 709-721
Subject The article reviews current directions in the monetary and fiscal policies that affect economic processes. It systematizes approaches to organization of financial processes and implementation of measures to stimulate economic growth, which are used by developed countries.
Objectives The study aims to systematize and perform a comparative analysis of focal points of major directions of monetary and ...
Added: August 18, 2021