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Theoretical Approaches to Monetary Policy Implementation in the Globalized Economy

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Abstract

The paper analyzes the main theoretical conceptions and forms of monetary policy implementation in the modern world. Mundell—Fleming model is viewed as the basic one, besides changes in underlying monetary policy conditions in the context of financial globalization are considered, including world inflation dynamics during the "Great Moderation" and factors behind it, the choice of exchange rate regime, the condition of the international monetary system, monetary policy transmission mechanism, theories on financial market development, and rising propensity to financial crises in national economies. Special attention is paid to those theoretical positions that can be used for the analysis of current Russian monetary policy.

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  • M. Golovnin, 2009. "Theoretical Approaches to Monetary Policy Implementation in the Globalized Economy," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 4.
    • Handle: RePEc:nos:voprec:y:2009:id:859
    DOI: 10.32609/0042-8736-2009-4-42-58
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