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Monetary Policy in the Context of Theoretical and Methodological Problems of Economic Science

Author

Listed:
  • Vladimir N. Lavrov

    (Ural State Agrarian University)

  • Svetlana I. Ponomareva

    (Ural State University of Economics)

Abstract

The paper focuses on the issue of theoretical and methodological justification of monetary policy and its tools. A review of Russian economists’ theoretical approaches to this problem allowed the au? thors to identify theoretical, methodological and applied bases of evaluation of monetary policy of the Bank of Russia. The paper presents the authors’ view of the scientific discussion on appropriateness of the monetary policy adopted by the Bank of Russia for the current state of the economy. The authors reveal principle distinctions between theoretical arguments of the supporters of the Bank’s monetary policy and their opponents. The research theoretically and conceptually validates the changes in basic definitions and ideas contributing to the existing understanding of inflation in the monetary policy of the Bank of Russia. The analysis of macroeconomic theory and actual monetary policy gives grounds to conclude about their strong correlation. The suggested review of theoretical approaches to the problem studied will allow determining theoretical, methodological and applied rationale for monetary policy more accurately.

Suggested Citation

  • Vladimir N. Lavrov & Svetlana I. Ponomareva, 2018. "Monetary Policy in the Context of Theoretical and Methodological Problems of Economic Science," Journal of New Economy, Ural State University of Economics, vol. 19(1), pages 5-15, February.
  • Handle: RePEc:url:izvest:v:19:y:2018:i:1:p:5-15
    DOI: 10.29141/2073-1019-2018-19-1-1
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    References listed on IDEAS

    as
    1. Robert J. Gordon, 2016. "The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War," Economics Books, Princeton University Press, edition 1, number 10544.
    2. Ph. Kartaev., 2017. "Is inflation targeting useful for economic growth?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
    3. A. Kudrin & E. Goryunov & P. Trunin., 2017. "Stimulative monetary policy: Myths and reality," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
    4. S. Glazyev., 2015. "On Inflation Targeting," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 9.
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    More about this item

    Keywords

    monetary policy; economic growth; monetisation; inflation; targeting;
    All these keywords.

    JEL classification:

    • 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
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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