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On the Fundamental Deficiencies of Current Monetary Policy


  • A. Apokin
  • D. Belousov
  • I. Goloshchapova
  • I. Ipatova
  • O. Solntsev.


We outline three main shortcomings of current monetary policy in Russia for 2014. First, monetary policy is too strict: we estimate output gap over –3% potential GDP, and rule-based key rate is 6,25%. Second, Bank of Russia in 2014 clearly ignores its second goal of promoting stable and developing financial system. Third, today economic agents lack for clear expectations of monetary policy rules, and it is Bank of Russia’s duty to help forming these expectations — both through public commitments and independent monetary policy review.

Suggested Citation

  • A. Apokin & D. Belousov & I. Goloshchapova & I. Ipatova & O. Solntsev., 2014. "On the Fundamental Deficiencies of Current Monetary Policy," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 12.
  • Handle: RePEc:nos:voprec:2014-12-5

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    Cited by:

    1. Salnikov, Vladimir & Galimov, Dmitry & Mikheeva, Olga & Gnidchenko, Andrey & Rybalka, Alexey, 2017. "Russian manufacturing production capacity: Primary trends and structural characteristics," Russian Journal of Economics, Elsevier, vol. 3(3), pages 240-262.
    2. Shums'ka S., 2015. "Monetary policy and recovery of economic growth in Ukraine," Economy and Forecasting, Valeriy Heyets, issue 3, pages 21-41.

    More about this item


    macroeconomic policy; expectations; inflation targeting.;
    All these keywords.

    JEL classification:

    • 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
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes


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