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Medium-term results of transition to inflation targeting regime

Vol. 25, Iss. 7, JULY 2019

Received: 29 May 2019

Received in revised form: 12 June 2019

Accepted: 26 June 2019

Available online: 1 August 2019


JEL Classification: С23, E52, E58, O42

Pages: 1604–1615

Butuzova A.S. Lomonosov Moscow State University (MSU), Moscow, Russian Federation

Subject The article addresses the monetary policy of the Bank of Russia for 2012–2018. It reviews the behavior of basic macroeconomic indicators prior to the transition to inflation targeting regime and floating exchange rate and after the transition – over the short- and medium-term period.
Objectives The study aims to evaluate the short- and mid-term results of transition to inflation targeting and floating exchange rate on the basis of statistical analysis and economic situation modeling, using the IS/LM/BP model.
Methods I employ methods of analysis and synthesis, retrospective analysis of data, modeling of modern economic conditions based on fundamental economic models.
Results The paper shows the impact of changes in the monetary policy on basic macroeconomic indicators in 2012–2018. It describes the simulated implications of the transition to inflation targeting based on the IS/LM/BP model.
Conclusions The findings may be used to formulate measures to improve the monetary policy and the general economic policy.

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


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