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Monetary Policy in the Context of Theoretical and Methodological Problems of Economic Science


Vladimir N. Lavrov and Svetlana I. Ponomareva


The paper focuses on the issue of theoretical and methodological justification of monetary policy and its tools. A review of Russian economists’ theoretical approaches to this problem allowed the authors to identify theoretical, methodological and applied bases of evaluation of monetary policy of the Bank of Russia. The paper presents the authors’ view of the scientific discussion on appropriateness of the monetary policy adopted by the Bank of Russia for the current state of the economy. The authors reveal principle distinctions between theoretical arguments of the supporters of the Bank’s monetary policy and their opponents. The research theoretically and conceptually validates the changes in basic definitions and ideas contributing to the existing understanding of inflation in the monetary policy of the Bank of Russia. The analysis of macroeconomic theory and actual monetary policy gives grounds to conclude about their strong correlation. The suggested review of theoretical approaches to the problem studied will allow determining theoretical, methodological and applied rationale for monetary policy more accurately.

Keywords: monetary policy; economic growth; monetisation; inflation; targeting.

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For citation: Lavrov V. N., Ponomareva S. I. Denezhno-kreditnaya politika v kontekste teoreticheskikh i metodologicheskikh problem ekonomicheskoy nauki [Monetary policy in the context of theoretical and methodological problems of economic science]. Izvestiya Uralskogo gosudarstvennogo ekonomicheskogo universiteta – Journal of the Ural State University of Economics, 2018, vol. 19, no. 1, pp. 5−15. DOI: 10.29141/2073-1019-2018-19-1-1