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Monetary Policy in Russia During the Crisis

Author

Listed:
  • Golovnin, M.

    (Institute of Economics, Russian Academy of Sciences, Moscow, Russia
    Lomonosov Moscow State University, Moscow School of Economics, Moscow, Russia)

Abstract

The author analyzes the challenges for monetary policy in Russia in 2014-2015, related to the strengthening of the impact of external shocks on the Russian economy. It is shown that the transition to a freely floating exchange rate and inflation targeting regime in late 2014 - early 2015 was fraught with increased financial instability and limitation of anti-crisis role of monetary policy. Practical recommendations on improvement of monetary policy in current Russian conditions are offered, including the transition to a limited discretionary policy, strengthening of the exchange rate policy and the introduction of certain restrictions on the cross-border capital flows.

Suggested Citation

  • Golovnin, M., 2016. "Monetary Policy in Russia During the Crisis," Journal of the New Economic Association, New Economic Association, vol. 29(1), pages 168-174.
    • Handle: RePEc:nea:journl:y:2016:i:29:p:168-174
    as

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    File URL: http://www.econorus.org/repec/journl/2016-29-168-174r.pdf
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    References listed on IDEAS

    as
    1. Anton Korinek, 2011. "The New Economics of Prudential Capital Controls: A Research Agenda," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(3), pages 523-561, August.
    2. A. Nekipelov & M. Golovnin., 2010. "Strategy and Tactics of Monetary Policy during the World Economic Crisis," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
    3. Mr. Anton Korinek, 2011. "The New Economics of Capital Controls Imposed for Prudential Reasons+L4888," IMF Working Papers 2011/298, International Monetary Fund.
    4. Nekipelov, A., 2015. "On the Resource Curse and its Effect on Tactics and Strategy of Economic Development," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 205-210.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    monetary policy; external shocks; economic crisis; inflation targeting; exchange rate policy; restrictions on cross-border capital flows;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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