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Perspectives on Inflation Targeting Regime in Russia

Sergey Andryushin

Author affiliation: Institute of Economics, RAS (Moscow, Russia). Email: sandr956@gmail.com.

The paper analyzes monetary policy of the Bank of Russia from 2008 to 2014. It presents the dynamics of macroeconomic indicators testifying to inability of the Bank of Russia to transit to inflation targeting regime. It is shown that the presence of short-term interest rates in the top borders of the percentage corridor does not allow to consider the key rate as a basic tool of monetary policy. The article justifies that stability of domestic prices is impossible with­out exchange rate stability. It is proved that to decrease excessive volatility on national consumer and financial markets it is reasonable to apply a policy of managing financial account, actively using for this purpose direct and indirect control tools for the cross-border flows of the private and public capital.

Keywords: Bank of Russia, monetary policy, exchange rate flexibility, key rate, control of capital flows, interest rates channel, inflation targeting regime.

JEL: E52, F32.