THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH
<p>The paper reviews the conduct of monetary policy in Russia throughout last 10 years. The core method of analysis is ADL modeling. The author explains money supply influence on key macroeconomic variables: investment, consumption, import, inflation, REER. Specifically our results show to wha...
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| Format: | Article |
| Language: | English |
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Science and Innovation Center Publishing House
2013-06-01
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| Series: | Sovremennye Issledovaniâ Socialʹnyh Problem |
| Subjects: | |
| Online Access: | http://journal-s.org/index.php/sisp/article/view/416 |
| _version_ | 1818738594480652288 |
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| author | Егор Николаевич Поляков |
| author_facet | Егор Николаевич Поляков |
| author_sort | Егор Николаевич Поляков |
| collection | DOAJ |
| description | <p>The paper reviews the conduct of monetary policy in Russia throughout last 10 years. The core method of analysis is ADL modeling. The author explains money supply influence on key macroeconomic variables: investment, consumption, import, inflation, REER. Specifically our results show to what extent GDP growth is determined by money supply growth throughout last 10 years. The author explains efficiency fall of Central Bank expansionary actions throughout last 5 years. The author suggests the set of decisions geared towards increasing the monetary policy efficiency. Ruble devaluation is a key of them.</p><p>In particular, now the Central Bank of Russia and the Government of the following may be recommended:</p><p>- gradual devaluation of the ruble by operations in the currency market you with the sterilization of excess money supply;</p><p>- reduction in the rate of growth of tariffs for electricity, gas, of rail transport to the level of inflation;</p><p>- reduction in the rate of growth of budget expenditures to the level of inflation.</p><p>According to the author, these measures will allow monetary policy to revive Russia as an effective tool to stimulate economic growth.</p><p><strong>DOI: <a href="http://dx.doi.org/10.12731/2218-7405-2013-5-9">http://dx.doi.org/10.12731/2218-7405-2013-5-9</a></strong></p> |
| first_indexed | 2024-12-18T01:11:25Z |
| format | Article |
| id | doaj.art-72038e85c0b64fef8f1ea28bf7e7b344 |
| institution | Directory Open Access Journal |
| issn | 2218-7405 |
| language | English |
| last_indexed | 2024-12-18T01:11:25Z |
| publishDate | 2013-06-01 |
| publisher | Science and Innovation Center Publishing House |
| record_format | Article |
| series | Sovremennye Issledovaniâ Socialʹnyh Problem |
| spelling | doaj.art-72038e85c0b64fef8f1ea28bf7e7b3442022-12-21T21:26:04ZengScience and Innovation Center Publishing HouseSovremennye Issledovaniâ Socialʹnyh Problem2218-74052013-06-0105219THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTHЕгор Николаевич Поляков<p>The paper reviews the conduct of monetary policy in Russia throughout last 10 years. The core method of analysis is ADL modeling. The author explains money supply influence on key macroeconomic variables: investment, consumption, import, inflation, REER. Specifically our results show to what extent GDP growth is determined by money supply growth throughout last 10 years. The author explains efficiency fall of Central Bank expansionary actions throughout last 5 years. The author suggests the set of decisions geared towards increasing the monetary policy efficiency. Ruble devaluation is a key of them.</p><p>In particular, now the Central Bank of Russia and the Government of the following may be recommended:</p><p>- gradual devaluation of the ruble by operations in the currency market you with the sterilization of excess money supply;</p><p>- reduction in the rate of growth of tariffs for electricity, gas, of rail transport to the level of inflation;</p><p>- reduction in the rate of growth of budget expenditures to the level of inflation.</p><p>According to the author, these measures will allow monetary policy to revive Russia as an effective tool to stimulate economic growth.</p><p><strong>DOI: <a href="http://dx.doi.org/10.12731/2218-7405-2013-5-9">http://dx.doi.org/10.12731/2218-7405-2013-5-9</a></strong></p>http://journal-s.org/index.php/sisp/article/view/416monetary policy, money supply, inflation, REER |
| spellingShingle | Егор Николаевич Поляков THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH Sovremennye Issledovaniâ Socialʹnyh Problem monetary policy, money supply, inflation, REER |
| title | THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH |
| title_full | THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH |
| title_fullStr | THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH |
| title_full_unstemmed | THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH |
| title_short | THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH |
| title_sort | role of monetary policy in stimulating economic growth |
| topic | monetary policy, money supply, inflation, REER |
| url | http://journal-s.org/index.php/sisp/article/view/416 |
| work_keys_str_mv | AT egornikolaevičpolâkov theroleofmonetarypolicyinstimulatingeconomicgrowth AT egornikolaevičpolâkov roleofmonetarypolicyinstimulatingeconomicgrowth |