Suchergebnisse

The article treats long-term impact of monetary policy nominal anchor choice (inflation targeting, exchange rate targeting, money supply targeting) on inflation level in developed and emerging countries. The research was built on panel data for 188 countries, which includes period after the global financial crisis. The results show, that inflation or exchange rate targeting allows to reduce inflation rate in emerging countries, while in developed countries the use of monetary policy nominal anchor does not give additional benefits in inflation control. This difference can be explained by the fact, that nominal anchor implementation in emerging countries enhances public confidence in monetary authority actions to control inflation. Higher confidence decreases inflation expectations and hence inflation. In contrast, central banks of developed countries can stabilize price level without use of nominal anchor due to good reputation.

The article addresses the influence of transition to the inflation targeting policy on the economic growth. It contains an analysis of different theoretical approaches to the explanation of monetary policy impact mechanism on real economy long-term dynamics. The article also presents the results of econometric research of the relation between inflation targeting regime and economic growth rates in developed countries based on the most recent data. The results of this research let conclude, that transition to the inflation targeting policy is associated with higher GDP growth rates.

The article provides the analysis of the impact of monetary policy shock generated by the Bank of Russia on the Russian stock market yield dynamics. We have estimated the features and duration of the effect using SVAR models and monthly data for the period from 2005 to 2013. We examine a wide range of proxies for the monetary conditions: the key interest rate, monetary aggregate M2, the refinancing rate and the interbank lending rate.