On the choice of monetary policy, the academic research focus mainly on two grades: one is that monetary policy can do what? To understand this result, we can discuss the second scores, how should choose monetary policy. About what monetary policy can, Friedman thought monetary policies should be policy intent to focus on the price level that a semantic variables, rather than the unemployment rate, real variables. This point has been the theorists and policy makers are receiving nations. Mature market economy country monetary policy to have adequate unemployment eventually by gradually evolved into the anti inflation. For this purpose we need to build a complete, clear policy framework of monetary policy restraint. In theory, there are three kinds of important monetary policy framework, the separation is, the inflation objective system, exchange rate system, the purpose of currency supply objective system. However, in the process of transformation in Russia has chosen multiple monetary policy objective. Why in the transition era have a choice that monetary policy? Russia can master should choose inflation as monetary policy focus? The inflation objective system, exchange rate system, currency supply objective objective system these three are generally choose monetary policy framework is how practical in Russia? Based on the economic and political perspective of Russian transition era monetary policy choice analysis, and point to the following objectives: (1) to visit Russia's choice of monetary policy transition time resolution mechanism. (2) the evaluation of Russian transition era monetary policy choice. (3) to discuss whether should grasp the inflation as the focus of monetary policy objective. (4) discuss the inflation objective separation system, exchange rate system, currency supply objective objective system in practical achievements in russia. Around the above topic, in addition to the introduction of the first chapter, mainly by the following several chapters: the second chapter proposes a practical framework for research achievement transformation on Russia's monetary policy choice era. On the choice of monetary policy, monetary policy have been a systematic research, and constitute the actual amount of literature and a set of molding. Through the process of the research to analyze can be found, for research at the central bank independence, lack of market development level is weak under the premise of monetary policy choice is absolutely weak. Monetary policy transmission is an economic process, but its formulation implementation is a political process that is particularly significant in the transition economy. This paper is to introduce the actual public choice, to illustrate the choice of monetary policy transition times, constructs the choice of effect of monetary policy in the transformation era a public choice that frame. The third chapter reviewed the monetary system, monetary policy and its impact on the Soviet era. Will Russian economy transformation since the start of monetary policy dividends following several stages: early stage of economic transformation was trying to choose a "shock therapy" "stable" strategy, but to Yeltsin's government deficit financing and abandoned the this purpose; after the 1998 financial crisis in power strategy under the guidance of the restraint devaluation of the Ruble as priority consideration; after the financial crisis of 2017 and automatic selection to controlling inflation as a monetary policy focus. The fourth chapter take effect in a public choice description framework to analysis the era of Russian transition monetary policy choice, and discuss the monetary policy benefits the concept of non neutral. Monetary policy between the different interest groups occurred profit distribution effect, and Russian transition time central banks actually do not have enough independence, the interest group will use behavior to influence monetary policy choice. The effect of benefit groups, the era of transition in Russia does not grasp inflation as the focus of the policy objective. Multi currency policy to lead Russia's inflation performance has been more serious, high inflation has lead to economic disorder and social welfare loss serious. In conclusion, Russia still should prevent multiple currency policies, should hold inflation as the focus of monetary policy objective. At the moment, will hold inflation as monetary policy has become the focus to a wide selection of the nations of central bank. For the purpose of fixing, conquer time inconsistent results, the central bank will be on weekdays choose a suitable monetary policy framework, rare monetary policy framework includes: currency supply amount system, exchange rate objective of inflation objective of. Fifth, 6, 7 chapters discuss the separation the three monetary policy framework in the practical achievements of russia. The fifth chapter discussed the era of currency flow state transition of russia. Coherent data estimates that Russia's transition era of currency flowing speed Nianye rate according to shake, this illustrates the currency demand generated intense change. Early transition of high inflation, exchange rate appreciation element brings about currency demand atrophy, slowdown and the depreciation of the exchange rate and other factors in the economic recovery times of inflation results lead to currency demand in expanding ceaselessly. Through the actual supply of currency for the purpose and practical process according to the analysis, can draw the Russian currency demand state transition times large fluctuations from this policy framework is not practical. Chapter 6 of Russian transition era of exchange rate system and exchange rate change situation to be analyzed, Russia's dollarization and currency mismatch results make the exchange rate solid on micro economic stability is very important. Russia had the similar exchange rate target of foreign exchange corridor rail system, through the process of "foreign exchange corridor" implementation through analyzing the annotation, the exchange rate stable for mastering inflation performance is very important, but choose the exchange rate also implies a big financial risks. The seventh chapter of the inflation objective for monetary policy is currently the most popular framework implementation characteristics and its practicability in Russia to analyze. Currently has a number of countries in transition choose inflation objective for policy framework, through the process of recall the Czech Republic and Poland's inflation objective of implementing experience manufacturing, for Russia to implement inflation objective of supply the experience for reference. Although Russia implemented this policy framework also must face the challenge, but the fundamental premise has matured, this chapter also for Russia towards inflation objective system put forward specific policy recommendations. First, the eighth chapter is the conclusion. Through the process of transition in Russia in the era of monetary policy choice of research results: for countries in transition should be attention to enhancing central bank independence support, prevent the interest group on monetary policy formulation implementation of trouble. Monetary policies should strive to protect the economic stability, especially will hold inflation in focus position. For this purpose a fixing, should choose the monetary policy framework. In the early stage of economic transformation, the exchange rate system to not lose for a useful wrist. However, the exchange rate system is vulnerable to the objective weakness. Is the country on economic transformation, small range, high level of openness, can choose the currency board or full dollarization. On a larger scale economy of the country, still should be in the premise of coherent with initial inflation objective, steering system. 目录: |
