Finance and Credit

The influence of monetary policy on economic growth in Russia: Theoretical approaches and practical implementation

Vol. 24, Iss. 4, APRIL 2018

Received: 14 March 2018

Received in revised form: 28 March 2018

Accepted: 11 April 2018

Available online: 28 April 2018


JEL Classification: Е52, О11

Pages: 819—832

Semenova N.N. National Research Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation

ORCID id: 0000-0002-2270-256X

Eremina O.I. National Research Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation

ORCID id: 0000-0002-7712-519X

Importance This paper considers the monetary policy as one of the main economic instruments of the State.
Objectives The purpose of the study is to estimate the impact of the modern monetary policy of the Bank of Russia on the economic growth of the country.
Methods For the study, we applied a correlation and regression analysis. It helps construct a regression equation using the values of independent variables (factors).
Results The work analyzes the main indicators characterizing the effectiveness of monetary policy in Russia. To assess the impact of monetary policy on the economic growth of the country, we have calculated a regression model based on empirical data for 2000–2016.
Conclusions and Relevance A distinctive feature of the monetary policy of the Bank of Russia is that the main working channels of the transmission mechanism are monetary and currency channels. The interest channel does not have a significant impact on the real sector of the national economy. The results obtained can be used by the Central Bank of Russia in developing the main directions of monetary policy and Ministry of Economic Development of the Russian Federation in drawing up the forecast of socio-economic development for the future.

Keywords: monetary policy, transmission mechanism, economic growth, gross domestic product


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Vol. 24, Iss. 4
April 2018