Abstract:

The article considers the impact of monetary policy (MP) pursued by the Bank of Russia on the overall level of economic development in the conditions of economic crisis. The rationale for the relevance of the chosen topic is that the current stage of socio-economic development of society is characterized by many problems associated with the manifestation of such a phenomenon as the "failure" of the market, which generally reflects the effectiveness of market self-regulation processes in crisis situations. Under these conditions, there is a need for state regulation of individual processes of economic development. At the same time, in many cases, the action of the mechanisms of state intervention has a multidirectional significance, which should be taken into account when implementing various strategies aimed at stabilizing market relations. The paper deals with two main approaches to the formation of MP – monetarism and keynesianism, which give a different assessment of the regulatory instruments of monetary policy, and the need for government intervention in economic development at the macroeconomic level. Formation and implementation by the Bank of Russia of the main directions of the unified state monetary policy, allows to assert that at the present stage, the achievement of a certain level of inflation is not a sufficient condition for economic growth, and in some cases it slows down, coming into conflict with other instruments of state regulation of the economy. The conclusions made in the work allow us to give general recommendations on the application of certain instruments of the economy state regulation.