Overview of Monetary Policy Transmission Mechanism Channels and Instruments of their Analysis in the Bank of Russia

Abstract

The article discusses key approaches and instruments used in the Bank of Russia for analysis of monetary policy transmission mechanism. The author focuses on such aspects of analysis as logic and understanding of transmission mechanism as an integrated system with a complex and interconnected internal structure. The description of key transmission mechanism channels is accompanied by conclusions for the Russian economy. The author sincerely hopes that the article will be only the first step ahead to a fruitful discussion and comprehensive analysis of the current state of the transmission mechanism as well as its future developments in conjunction with ministries as well as expert community.