Finance and Credit

Monetary policy in Russia: Changing the priorities and targets

Vol. 24, Iss. 3, MARCH 2018

Received: 9 January 2018

Received in revised form: 29 January 2018

Accepted: 12 February 2018

Available online: 29 March 2018


JEL Classification: С23, E52, E58, O42

Pages: 591—612

Butuzova A.S. Lomonosov Moscow State University, Moscow, Russian Federation

ORCID id: not available

Importance The article discusses the issues related to the monetary policy of the Russian Federation.
Objectives The article aims to conduct a comprehensive retrospective analysis of the monetary policy of Russia and examine the inflation targeting.
Methods For the study, I used the methods of synthesis, retrospective analysis, and data analysis.
Results The article reveals certain peculiarities of monetary policy in different periods of economic development. The article analyzes the conditions for the transition to inflation targeting in the Russian Federation.
Conclusions and Relevance The article concludes that negative short-term results of the transition to inflation targeting are largely due to the untimeliness of the transition. The specificity of Russian economic development compared with other countries requires a prudential approach.

Keywords: monetary policy, inflation, exchange rate, inflation targeting


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