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The Evolution of Theory and Practice of Monetary Policy as a Result of the Global Economic Crisis

Author

Listed:
  • Drobyshevsky, S.

    (Gaidar Institute for Economic Policy, Moscow, Russia
    Center of Macroeconomic Research, RANEPA, Moscow, Russia)

  • Trunin, P.

    (Gaidar Institute for Economic Policy, Moscow, Russia
    Center of Central Banks Studies, RANEPA, Moscow, Russia)

Abstract

The authors analyze the evolution of global ideas on the optimal monetary policy in the aftermath of the global economic crisis. The authors provide the basic principles of the pre-crisis monetary policy and show that after the crisis, they have not changed fundamentally. It is also argued that some lessons of the global crisis are relevant for the monetary policy of the Bank of Russia, as well as some of the classic principles of effective monetary policy.

Suggested Citation

  • Drobyshevsky, S. & Trunin, P., 2014. "The Evolution of Theory and Practice of Monetary Policy as a Result of the Global Economic Crisis," Journal of the New Economic Association, New Economic Association, vol. 24(4), pages 141-158.
    • Handle: RePEc:nea:journl:y:2014:i:24:p:141-158
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    References listed on IDEAS

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    1. Shums'ka S., 2015. "Monetary policy and recovery of economic growth in Ukraine," Economy and Forecasting, Valeriy Heyets, issue 3, pages 21-41.

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    More about this item

    Keywords

    monetary policy; Bank of Russia; global economic crisis; inflation; quantitative easing; credit bubble;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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