RETRACTED: Researching the stages of the monetary policy of modern Russia (2000–2015)
Retraction reason: Redundant publication. The article has been published in Journal: Link The article retraction was innitiated by the journal editor. Retraction date: October 26, 2018
Importance The economic slowdown in Russia necessitates the study of the national monetary policy's efficiency and its impact on the macroeconomic behavior. Objectives The study aims to analyze stages and results of the monetary policy over 2000–2015 and its impact on major macroeconomic variables, the economic growth, and inflation in particular. Methods Using the tools of statistical analysis, which are based on econometric estimates, we analyze stages of the Russian monetary policy and its influence on trends in the national economy. Results The monetary policy pursued by Russia until 2008 generated a number of problems, including inflation, rapid growth of imports, and foreign debt. They were important causes of the 2008–2009 crisis. Vigorous measures taken by the Bank of Russia to provide liquidity eradicated the crisis. The achieved success enabled the Bank of Russia to pursue the policy of inflation targeting aimed at a decline in inflation, increase in real interest rates, savings, loans, and investment. It helped reduce inflation and achieve higher rates of economic growth, however, a number of external factors and internal structural problems exacerbated by the shocks of 2014–2015 resulted in another economic slowdown. Conclusions and Relevance The monetary policy of Russia has a significant impact on inflation and development of the national economy. In general, it has been quite successful, however, the accumulated structural problems and adverse external shocks increasingly necessitate economic reforms.
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