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Finance and Credit
 

Unified fiscal and monetary policy regulations as a direction of integration

Vol. 23, Iss. 39, OCTOBER 2017

PDF  Article PDF Version

Received: 9 August 2017

Received in revised form: 31 August 2017

Accepted: 21 September 2017

Available online: 27 October 2017

Subject Heading: Financial system

JEL Classification: Е22, E61

Pages: 2318–2328

https://doi.org/10.24891/fc.23.39.2318

Slepov V.A. Plekhanov Russian University of Economics, Moscow, Russian Federation
slepov.va@rea.ru

Chalova A.Yu. Plekhanov Russian University of Economics, Moscow, Russian Federation
tchalova.au@rea.ru

Importance The article seeks to analyze the integration of fiscal and monetary policies based on the application of financial rules.
Objectives The paper aims to identify the level of integration between different types of policies when applying various financial rules.
Methods As the basic methods of the research, we used formal and dialectical logic, deduction and induction, analysis and synthesis.
Results The article presents our own provisions for the integration of fiscal and monetary policies in the application of various types of financial rules aimed at improving the effectiveness of macroeconomic regulation.
Conclusions and Relevance We conclude that the most important of fiscal policy rules are the set limits of the deficit and public debt to GDP, while in monetary policy the highest prevalence is in the Taylor rule, linking inflation to unemployment, as well as inflation targeting. Our recommendations can be used when formulating financial and economic policies and the Russian Federation federal budget planning.

Keywords: fiscal policy, monetary policy, financial rules, monetary and fiscal policy integration

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