Influence of Monetary Policy on Economic Growth in Russia
Influence of Monetary Policy on Economic Growth in Russia
Author(s): Nadezhda Nickolaevna SEMENOVA, Svetlana Gennadyevna Busalova, Olga Ivanovna EREMINA, Svetlana Mihialovna MAKEYKINA, Yulia Yr´evna FILICHKINASubject(s): National Economy, Business Economy / Management, Fiscal Politics / Budgeting
Published by: Reprograph
Keywords: monetary policy; economic growth; transmission mechanism; gross domestic product;
Summary/Abstract: The purpose of the study is to estimate the impact of the modern monetary policy of the Bank of Russia on economic growth in the country. The authors applied correlation and regression analysis, which allows constructing a regression equation with the values of independent variables (factors). The paper analyzes the main indicators characterizing the effectiveness of monetary policy implementation in Russia in 2000-2016. The undertaken correlation and regression analysis of the impact of monetary policy tools on economic growth in Russia according to empirical evidence (2006-2016) revealed the dependence of GDP on funds of credit institutions on correspondent accounts at the Bank of Russia. Application area. The obtained results can be used by the Central Bank of Russia in the development of the main directions of monetary policy and by the Ministry of Economic Development of the Russian Federation in preparing a forecast of socio-economic development in the long run.
Journal: Journal of Applied Economic Sciences (JAES)
- Issue Year: XII/2017
- Issue No: 51
- Page Range: 1389-1398
- Page Count: 10
- Language: English