Some problems implementation of monetary policy under the conditions of transition to inflation targeting

Abstract

Now the change of key parameters of a monetary policy in Russia is going on. The purposes, instruments, the transmission mechanism of a monetary policy and their Russian features are researched. Key problems and the difficulties of transition to inflation targeting in Russia are formulated. Now the Bank of Russia has an opportunity to influence monetary factors, thus the inflation is influenced mainly by the not monetary factors. Instruments of a monetary policy are directed on ultimate goals – inflation. Thus the task isn't to regulate the factors of growth of the money supply – money issue. Identification of the main channels of money issue and the analysis of the mechanism of money issue in modern conditions is necessary. The analysis of economic literature, including a regulatory framework, showed absence of legislatively consolidated concept of money issue and its mechanism. The conclusion that at the heart of the revealed problems insufficient studying of dynamics of development of forms of money is, their functions and basic monetary concepts is formulated. The need of development of a new theoretical basis of the most cash theory taking into account transformation of the mechanism of the money issue in modern conditions is proved.