Coordination of Economic and Monetary Policy Goals

The objective of the article is to identify the impact of regulator’s monetary policy (MP) on the Russian economy. The study is based on academic and applied works by domestic and foreign scholars, as well as statistical metrics of Russian and international organisations. Methodology: the author applies qualitative and quantitative comparative analysis. As a result, discrepancies have been identified between practical measures to achieve the goals of the MP and its justification by the regulator, on the one hand, and academic views on them, real prerequisites and consequences for the economy, on the other. It is recommended to take into account the specifics of the current operating conditions of the Russian economy for developing and implementing MP, since inflation is primarily associated with a supply shortage and relatively stable demand. Therefore, in these circumstances, it is more efficient to maintain the key rate at the level of actual inflation. This approach will increase the ability of industrial enterprises to use bank loans on market terms to meet their need for borrowed funds to modernise equipment and thereby increase production capacity. At the same time, restraining banks from providing consumer loans (excluding mortgages) through macroprudential instruments will motivate retail borrowers to adopt more financially sound and conscious consumption.

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