The Mechanism of the Influence of Monetary Policy Instruments of the Bank of Russia on Economical Growth

Student: Mikoyan Anaita

Educational Programme: Public Administration (Master)

Year of Graduation: 2020

Monetary policy regulation is one of the key policy areas of any country. The Central Bank of the Russian Federation is not an exception. It aims to stimulate economic growth. Among other tools, economic growth stimulation may be provided through monetary policy instruments. In this regard, the Central Bank of the Russian Federation is to determine the instruments suitable for achieving the goal of sustainable development of the national economy. This work aims to develop new approaches to the usage of monetary policy instruments that can ensure the sustainable economic growth of the Russian economy. Under the goal of the work, the following issues were analysed: theoretical approaches of monetary policy, empirical approaches of SVAR modelling, foreign and Russian experience of inflation targeting. As for the practical results of the work, based on conducted SVAR modelling the most effective monetary policy tools were provided.

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