Russia's Monetary Policy

G. Fetisov

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Russia's Monetary Policy

机译：俄罗斯的货币政策

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This article addresses monetary policy issues that must be resolved for the Russian economy's transition to innovation-based development. All monetary policy objectives must be achieved, not just reduced to inflation targeting. A systemic, structural approach to monetary policy is suggested. The elaborated package of monetary policy tools would ensure greater efficiency of innovation-based economic development. Reasons are given for the lowered Central Bank of Russia 's discount rate. Some general conclusions are drawn concerning the new experience of government regulation under the conditions of the world financial crisis.

机译：本文讨论了在俄罗斯经济向基于创新的发展过渡中必须解决的货币政策问题。必须实现所有货币政策目标，而不仅是降低通胀目标。建议采用系统的，结构性的货币政策方法。精心制定的一揽子货币政策工具将确保提高基于创新的经济发展的效率。给出了降低俄罗斯中央银行贴现率的原因。关于世界金融危机条件下政府监管的新经验，得出了一些一般性结论。

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《Problems of Economic Transition》 |2009年第9期|3-32|共30页
作者
G. Fetisov;
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Department of Macroeconomic Regulation and Planning at the Economics School at Lomonosov Moscow State University;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Russia's Monetary Policy

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