Regulation of the impact of monetary policy transmission mechanism channels on inflationary processes

The object of the study is the monetary policy of the Bank of Russia in terms of adaptation to external challenges and structural transformation of the economy. The subject of the study is the transmission mechanism of monetary policy. The relevance of the research topic is due to the fact that the inflation targeting strategy chosen by the Bank of Russia makes it possible to influence economic activity, as well as price dynamics. However, the actions of the Bank of Russia are criticized by state authorities, who point to the negative impact of the measures applied to stabilize and grow the economy.

The purpose of the study is to show the effects on inflationary processes of the main channels of the monetary policy transmission mechanism and to propose methods for fine-tuning the transmission mechanism for its effective functioning in the future throughout the country. The following methods are applied: description, generalization, comparison, specification, collection, and analysis of numerical data, documents, and research results. The information base of the study is represented by materials from the Bank of Russia, the Federal State Statistics Service, and the country’s leading economists’ works. 

The research paper concludes that the synergistic effect of fine-tuning the transmission mechanism through the interaction of the interest rate regulation channel and the inflationary expectation channel will make monetary policy more mobile in conditions of economic instability. The Bank of Russia is proposed to implement a micro-regional key rate, which will unlock the accumulated potential of the Main Departments of the Bank of Russia, strengthen the responsibility of its branches for effective implementation of monetary policy, considering the specifics of regional development, provide an incentive to revive investment activity, and have a restraining effect on inflationary surges in the regions.

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