Макроэкономические особенности перехода к режиму таргетирования инфляции в развитых странах

Экономика. Налоги. Право. 2015. № 1. С. 100–106.

Свирина Е. М.

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 these countries, the possibility of transition and implementation of inflation targeting in unfavorable macroeconomic conditions. It is concluded that the existing structure of the Russian economy has exploited all the free factors of economic growth, and under the current conditions of geopolitical tensions, sectoral sanctions and the fall in oil prices, a large-scale reform of economic policy is needed. As the recession in the country has an objective economic reasons, in the medium term, after the pressure of speculation in the foreign exchange market eases and credit expansion in the banking sector weakens, the Bank of Russia can use the experience of Canada and New Zealand and move to a soft monetary policy under the inflation targeting regime , taking advantage of the natural slowdown in economic growth in the country.

Keywords: инфляционное таргетирование, денежно-кредитная политика, monetary policy, inflation targeting, Банк России, Bank of Russia