TRANSFORMATION OF THE BANK OF RUSSIA MONETARY POLICY FUNDAMENTALS: MACROECONOMIC OUTLOOK AND NEUTRAL INTEREST RATE
The article is devoted to the transformation of the monetary policy of the Bank of Russia in the context of aggravated internal conditions of reproduction and intensification of external shocks on the Russian economy and social sphere. The fundamentals of inflation targeting in Russia in the context of the ongoing transformation process are considered: the formation of the inflation target (increased publicity), decision-making based on a macroeconomic forecast, the use of the key rate as an instrument of monetary policy, and the increase of the openness of communication in the activities of the Bank of Russia. Particular attention is paid to the problems of the Bank of Russia in the field of decision-making based on the macroeconomic forecast and the application of the key rate. Conclusions and recommendations are made regarding the transformation vector of the Bank of Russia's monetary policy in terms of the macroeconomic forecast toolkit and the application of the global practice of accounting for the real neutral interest rate (short- and long-term) when the Bank of Russia makes a decision on the level of the key rate.