Monetary Policy

Opinions

Bookshelf

Advancing the Frontiers of Monetary Policy: The Book by the Architects of Inflation Targeting

March 17, 2019 | Ksenia Yudaeva

The worldwide development of the inflation targeting regime raises new and controversial issues, which the Bank of Russia too must confront.

Opinions

‘Don’t Get Me Wrong’: the Central Bank’s Language

October 4, 2021 | Alina Evstigneeva, Mark Sidoroskiy

Central banks strive to speak clearly and simply – this is critical to effectively targeting inflation. We assessed the comprehensibility of the Bank of Russia's communications using neural networks – it showed that the level of its texts is rather complicated for the public.

Monetary Policy for an Equitable Society

July 30, 2021 | Olga Volkova, Olga Kuvshinova

Central banks do not have tools to reduce inequality, but this does’t mean that they can do nothing to make a society more equitable. They are able to contribute to this goal by fulfilling their mandate, namely by keeping inflation low and preventing financial crises.

Bookshelf

Bank of Russia Policy During the Covid-19 Pandemic

June 16, 2021 | Ksenia Yudaeva

Designed its policy response during the Covid-19 crisis, the Russian central bank addressed the consequences and spillovers of all three shocks facing the Russian economy: the demand and supply shocks, increased asset price volatility, and a collapse of oil prices.

Opinions

Economics

How Inflation Targeting Affects Economic Growth

July 1, 2019 | Philipp Kartaev

Inflation targeting might support economic growth by lowering inflation and volatility. However, monetary policy alone cannot drive growth.

Opinions

Fear of Forward Guidance

June 17, 2019 | Alex Isakov, Petr Grishin, Oleg Gorlinsky

Real-world experience confirms that forward guidance makes central bank policy even more predictable.

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