MONETARY POLICY TRANSMISSION MECHANISM IN RUSSIA DURING THE OPERATION PERIOD OF KEY-RATE OF THE BANK OF RUSSIA
This article is devoted to the analysis of monetary policy transmission mechanism in Russian economy after the introduction of the key-rate of Bank of Russia. In the research we use correlation analysis of the macroeconomic variables. As the result the improvement of interest rate channel in the last two years in comparison with the first decade of the twentieth century is confirmed. We also reveal the background of bank lending channel and exchange rate channels functioning and some significant aspects of their operation procedure. To these aspects the growth of problem debt and the fall of the real interest rates in the economy are related.