The Effectiveness of Monetary Policy Interest Rate Channel and Fiscal Stimulus

Student: elkina olga

Educational Programme: Economics (Bachelor)

Year of Graduation: 2024

The paper tests the hypothesis of the influence of fiscal policy on the effectiveness of the interest rate channel of monetary policy. Economic agents can be heterogeneous in terms of income level and its sources, availability of savings and financial assets, and propensity to consume. The effects of monetary and fiscal policies are asymmetric for different types of households. As a result of empirical evaluation of models based on macro statistics of the Russian Federation and at the micro level using data on Russian households, it is shown that the effects of changes in the interest rate and fiscal impulse and their combination are different for different types of households and depend on financial market conditions.

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