Subject The article considers the nature and content of the monetary policy of the Central Bank of the Russian Federation under external economic shocks. Objectives The aim is to reveal the mechanisms of Russian economy stabilization under external shocks caused by oil price fluctuation in the global markets, using the monetary policy measures. Methods In the study, I employ formal logic and the systems approach to investigate macroeconomic processes. Results I review the measures of the monetary policy of the Bank of Russia under external economic shocks, including their relationship with the fiscal policy measures. The article includes the analysis of the mechanism of money supply sterilization within the implementation of measures for economy stabilization, and the specifics of the Russian monetary policy under rising and falling oil prices in the world market. Conclusions The Russian economy is sensitive to oil price fluctuation in the global market; therefore, a special monetary policy is required. The created Stabilization Fund increases the Federal budget balance and simultaneously reduces the degree of the national currency fluctuation. In general, it stabilizes the country's macroeconomic indicators. The existing monetary policy is not aimed at stirring up economic development, and measures for economic stabilization are mainly implemented by means of restricting the use of internal saving of the economy and building-up international reserves.
Keywords: oil price, monetary policy, Bank of Russia, external economic shock, monetary sterilization
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