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Long-term Challenges for the Monetary Policy in Russia: Climate Change, Demographics and Digital Rouble Adoption
[Долгосрочные Вызовы Для Российской Монетарной Политики: Климатические Изменения, Демография И Введение Цифрового Рубля]

Author

Listed:
  • Goryunov Eugeny

    (Gaidar Institute for Economic Policy; Russian Foreign Trade Academy; Russian Presidential Academy of National Economy and Public Administration)

Abstract

According to the project of the “General lines of unitary governmental monetary policy on the 2022 and the period of 2023–2024”, published by the Bank of Russia, global climate change and demographics should prospectively be considered as a factors of macroeconomics dynamics and therefore taken into account when monetary policy decisions are made. Also Russian monetary authority confirms that it is going to adopt digital currency. These innovations are discussed in the paper. I support the idea that transition to inflation targeting in 2014 was a key factor ensuring that inflationary expectations were anchored, which created the conditions for a countercyclical stimulating monetary policy during the recent economic downturn.

Suggested Citation

  • Goryunov Eugeny, 2021. "Long-term Challenges for the Monetary Policy in Russia: Climate Change, Demographics and Digital Rouble Adoption [Долгосрочные Вызовы Для Российской Монетарной Политики: Климатические Изменения, Де," Russian Economic Development, Gaidar Institute for Economic Policy, issue 11, pages 9-13, November.
    • Handle: RePEc:gai:recdev:r21116
    as

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    References listed on IDEAS

    as
    1. Drudi, Francesco & Moench, Emanuel & Holthausen, Cornelia & Weber, Pierre-François & Ferrucci, Gianluigi & Setzer, Ralph & Adao, Bernardino & Dées, Stéphane & Alogoskoufis, Spyros & Téllez, Mar Delgad, 2021. "Climate change and monetary policy in the euro area," Occasional Paper Series 271, European Central Bank.
    2. Mr. Donal McGettigan & Mr. Kenji Moriyama & Mr. Jean F Noah Ndela Ntsama & Mr. Francois Painchaud & Mr. Haonan Qu & Mr. Chad Steinberg, 2013. "Monetary Policy in Emerging Markets: Taming the Cycle," IMF Working Papers 2013/096, International Monetary Fund.
    3. Gauti B. Eggertsson & Manuel Lancastre & Lawrence H. Summers, 2019. "Aging, Output Per Capita, and Secular Stagnation," American Economic Review: Insights, American Economic Association, vol. 1(3), pages 325-342, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    monetary policy; global climate change; demographics; inflation targeting;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • 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
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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