Institutional aspects of monetary policy formation: russian and foreign practice

Abstract

In the article, the authors consider the issues of monetary policy as one of the main components of the economic policy of the state. A key role in the formation of monetary policy belongs to Central banks, which focus their activities on ensuring price or monetary stability, stability of the purchasing power of the national currency. The authors analyze the intermediate targets of monetary policy and its regimes carried out by economically developed countries of the world: monetary targeting, exchange rate targeting, inflation targeting or inflation targeting. An assessment is given of the Central Bank of the Russian Federation inflation targeting policy, which uses interest rate policy as the main instrument of monetary regulation, as one of the main channels of monetary policy impact on the economy, namely, changing the conditions for financing the real sector of the economy through the financial market.

Keywords

• central bank
• monetary policy
• economic policy
• interest rate
• inflation targeting
• stability of the national currency
• the real sector of the economy