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The Bank of Russia at the Crossroads: does the monetary policy needs easing

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  • Evgeny Gorunov

    (Gaidar Institute for Economic Policy)

  • Pavel Trunin

    (Gaidar Institute for Economic Policy)

Abstract

Recent slowdown of economic growth forces Russian political authorities to seek for policy measures to support economic activity. Monetary expansion is considered as one of the possible alternatives, which we consider inappropriate. During the whole post-crisis period monetary authorities of advances economies in their attempts to boost recovery relied heavily on different sorts of monetary stimulus. Thus it is sometimes argued that Russia should better use such kind of experience and shift to aggressive monetary expansion. This view is mostly wrong since it shows misunderstanding of the goals of the monetary easing policy implemented in advanced economies and also ignores the differences between Russia and advanced countries with respect to macroeconomic conditions. There are two main reasons for extraordinary monetary expansion in advanced economies: sizable cyclical recession and “zero lower bound” problem. Since none of these is present in Russia there’s no reason for implementation of monetary easing policy.

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File URL: http://www.iep.ru/files/RePEc/gai/wpaper/0067Trunin.pdf
File Function: Revised version, 2013
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Bibliographic Info

Paper provided by Gaidar Institute for Economic Policy in its series Working Papers with number 0067.

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Length: 21 pages
Date of creation: 2013
Date of revision: 2013
Handle: RePEc:gai:wpaper:0067

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Keywords: monetary policy; Bank of Russia;

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