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Russian Monetary Policy: Work on the Bugs


  • A. Apokin
  • D. Galimov
  • I. Goloshchapova
  • V. Salnikov
  • O. Solntsev.


This paper reviews the consequences of monetary policy tightening by the Bank of Russia in 2014 for Russian economy in general, banking system and the real sector. Based on official statements, the new implied monetary policy principles for 2015 are outlined. The paper also proposes several policy measures to overcome the credit shock caused in part by over-tightening of monetary policy in 2014. It relies on Bank of Russia Monetary Policy reports and the article of Bank of Russia experts (Badasen et al., 2015) to illustrate the approach to economic analysis that led to a monetary policy-induced credit shock.

Suggested Citation

  • A. Apokin & D. Galimov & I. Goloshchapova & V. Salnikov & O. Solntsev., 2015. "Russian Monetary Policy: Work on the Bugs," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 9.
  • Handle: RePEc:nos:voprec:2015-09-8

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    Cited by:

    1. Elena Yuryevna Sokolova, 2019. "Modern Features of the Monetary Policy of the Leading World Countries," Spatial Economics=Prostranstvennaya Ekonomika, Economic Research Institute, Far Eastern Branch, Russian Academy of Sciences (Khabarovsk, Russia), issue 3, pages 147-164.

    More about this item


    monetary policy; capacity utilization; inflation targeting; credit shock.;
    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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