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Stimulative monetary policy: Myths and reality

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  • A. Kudrin
  • E. Goryunov
  • P. Trunin

Abstract

In the paper we critically assess the stimulative monetary policy, proposed by the Stolypin Club and other experts. We discuss its inflationary consequences, the ability to accelerate economic growth along with created distortions in credit markets. We argue that the long-term macroeconomic stability cannot be sustained under managed exchange rate. We provide counterarguments to views, according to which inflation in Russia has nonmonetary roots and it is possible to increase money supply without causing inflation due to undermonetization of Russian economy and low utilization of production capacities. Negative consequences of monetary easing are illustrated with recent Belorussian experience.

Suggested Citation

  • A. Kudrin & E. Goryunov & P. Trunin, 2017. "Stimulative monetary policy: Myths and reality," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 5.
    • Handle: RePEc:nos:voprec:y:2017:id:301
    DOI: 10.32609/0042-8736-2017-5-5-28
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    Cited by:

    1. Victoria P. Litvinets, 2023. "Inflation Targeting and Economic Growth in Developed and Developing Countries: Evaluation of the Policy Effectiveness Using CS-ARDL Approach," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 22(4), pages 814-833.

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