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ИД «Финансы и кредит»






Finance and Credit

An analysis of the impact of monetary policy on the Russian economy

Vol. 28, Iss. 8, AUGUST 2022

Received: 30 May 2022

Received in revised form: 13 June 2022

Accepted: 27 June 2022

Available online: 30 August 2022


JEL Classification: E42, Е50, Е52, Е58, Е59

Pages: 1852–1872


Valerii V. SMIRNOV I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation


Subject. This article discusses the impact of the monetary policy of the Central Bank of the Russian Federation on the Russian economy.
Objectives. The article aims to determine the incidence of monetary policy on the level of development of the Russian economy.
Methods. For the study, I used a systems approach based on the methods of statistical, neural network, and cluster analyses.
Results. The article describes the degree of impact of monetary policy on the development of the Russian economy in various aspects.
Conclusions and Relevance. The revealed impact of monetary policy on the development of the Russian economy indicates the need to ensure a positive balance of operations to provide liquidity in the context of reducing overdue wage arrears and the consumer price index to the Ministry of Finance and the Central Bank of the Russian Federation. The study expands the scope of knowledge and develops the competencies of the scientific community and monetary authorities in the formation and implementation of the Russian monetary policy.

Keywords: exchange rate, foreign trade turnover, money supply, inflation, key interest rate


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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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Vol. 28, Iss. 8
August 2022