Inflation and Monetary Policy in the Context of Large-Scale Shocks

Monitoring of Russia's Economic Outlook. Moscow. IEP. 2020, No. 5, pp. 5-7

3 Pages Posted: 24 Apr 2020

See all articles by Alexandra Bozhechkova

Alexandra Bozhechkova

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Institute of Applied Economic Research

Pavel Trunin

Gaidar Institute for Economic Policy

Date Written: April 10, 2020

Abstract

The beginning of this year was characterized by a slow increase in consumer prices, stability in the forex market, and continuing monetary policy easing. However, the situation has changed dramatically as a result of the impact on the economy of two major interconnected shocks: a slowdown in the global economy triggered by the historically unprecedented coronavirus pandemic and a dramatic plunge of oil prices. In response to the ruble weakening in March, the Bank of Russia launched a package of measures designed to ensure financial sustainability decided to maintain its key rate at 6%.

Keywords: Russian economy, inflation, monetary policy, external shocks, pandemic, oil prices

JEL Classification: E31, E44, E52, O47

Suggested Citation

Bozhechkova, Alexandra and Trunin, Pavel, Inflation and Monetary Policy in the Context of Large-Scale Shocks (April 10, 2020). Monitoring of Russia's Economic Outlook. Moscow. IEP. 2020, No. 5, pp. 5-7, Available at SSRN: https://ssrn.com/abstract=3584012 or http://dx.doi.org/10.2139/ssrn.3584012

Alexandra Bozhechkova

Gaidar Institute for Economic Policy ( email )

Gazetny pereylok 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Institute of Applied Economic Research ( email )

Russia

Pavel Trunin (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

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