Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy

The article studies of the role of non-monetary factors in the formation of inflationary processes and their place in the monetary policy transmission mechanism in Russia. The authors analyse the evolution of the theory of inflationary processes within the framework of the public administration syst...

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Autores principales:	Balatsky Ye.V., Yekimova N.A., Yurevich M.A.
Formato:	article
Lenguaje:	RU
Publicado:	Ural State University of Economics 2018
Materias:	NON-MONETARY FACTOR PUBLIC ADMINISTRATION INFLATION TRANSMISSION MECHANISM MONETARY POLICY Business HF5001-6182 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/c82657eb63574ad7ac511f4a026fc236
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spelling	oai:doaj.org-article:c82657eb63574ad7ac511f4a026fc2362021-12-02T06:00:29ZNon-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy10.29141/2218-5003-2018-9-5-32218-5003https://doaj.org/article/c82657eb63574ad7ac511f4a026fc2362018-11-01T00:00:00Zhttp://upravlenets.usue.ru/images/75/3.pdfhttps://doaj.org/toc/2218-5003The article studies of the role of non-monetary factors in the formation of inflationary processes and their place in the monetary policy transmission mechanism in Russia. The authors analyse the evolution of the theory of inflationary processes within the framework of the public administration system: from the classical ideas of inflation as an exclusively monetary phenomenon to the study of inflationary waves in conjunction with the system cycles of Arrighi’s capital accumulation. The steady increase in the importance of nonmonetary inflation factors requires a revision of the applied analytical tools for modelling inflation. For these purposes, we suggest forming a group of marker non-monetary factors with predictive properties in relation to the consumer price index (CPI), and, accordingly, the prices of consumer goods basket. The article presents the procedure for selecting such factors. It determines the place of non-monetary inflation factors in the monetary policy transmission mechanism and possible channels of their impact on the final rate of inflation. We conclude that it is impossible to build a universal model of inflation due to the constantly changing composition of non-monetary factors and their contribution to the development of inflationary processes. The authors substantiate the thesis about the need to apply the principle of “sliding modeling” to assess the impact of monetary and nonmonetary factors on the rate of inflation by constantly updating the analytical structure describing the dynamics of the CPI.Balatsky Ye.V.Yekimova N.A.Yurevich M.A.Ural State University of EconomicsarticleNON-MONETARY FACTORPUBLIC ADMINISTRATIONINFLATIONTRANSMISSION MECHANISMMONETARY POLICYBusinessHF5001-6182FinanceHG1-9999RUУправленец, Vol 9, Iss 5, Pp 26-39 (2018)
institution	DOAJ
collection	DOAJ
language	RU
topic	NON-MONETARY FACTOR PUBLIC ADMINISTRATION INFLATION TRANSMISSION MECHANISM MONETARY POLICY Business HF5001-6182 Finance HG1-9999
spellingShingle	NON-MONETARY FACTOR PUBLIC ADMINISTRATION INFLATION TRANSMISSION MECHANISM MONETARY POLICY Business HF5001-6182 Finance HG1-9999 Balatsky Ye.V. Yekimova N.A. Yurevich M.A. Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy
description	The article studies of the role of non-monetary factors in the formation of inflationary processes and their place in the monetary policy transmission mechanism in Russia. The authors analyse the evolution of the theory of inflationary processes within the framework of the public administration system: from the classical ideas of inflation as an exclusively monetary phenomenon to the study of inflationary waves in conjunction with the system cycles of Arrighi’s capital accumulation. The steady increase in the importance of nonmonetary inflation factors requires a revision of the applied analytical tools for modelling inflation. For these purposes, we suggest forming a group of marker non-monetary factors with predictive properties in relation to the consumer price index (CPI), and, accordingly, the prices of consumer goods basket. The article presents the procedure for selecting such factors. It determines the place of non-monetary inflation factors in the monetary policy transmission mechanism and possible channels of their impact on the final rate of inflation. We conclude that it is impossible to build a universal model of inflation due to the constantly changing composition of non-monetary factors and their contribution to the development of inflationary processes. The authors substantiate the thesis about the need to apply the principle of “sliding modeling” to assess the impact of monetary and nonmonetary factors on the rate of inflation by constantly updating the analytical structure describing the dynamics of the CPI.
format	article
author	Balatsky Ye.V. Yekimova N.A. Yurevich M.A.
author_facet	Balatsky Ye.V. Yekimova N.A. Yurevich M.A.
author_sort	Balatsky Ye.V.
title	Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy
title_short	Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy
title_full	Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy
title_fullStr	Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy
title_full_unstemmed	Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy
title_sort	non-monetary factors in the monetary policy transmission mechanism: revision of the inflation management strategy
publisher	Ural State University of Economics
publishDate	2018
url	https://doaj.org/article/c82657eb63574ad7ac511f4a026fc236
work_keys_str_mv	AT balatskyyev nonmonetaryfactorsinthemonetarypolicytransmissionmechanismrevisionoftheinflationmanagementstrategy AT yekimovana nonmonetaryfactorsinthemonetarypolicytransmissionmechanismrevisionoftheinflationmanagementstrategy AT yurevichma nonmonetaryfactorsinthemonetarypolicytransmissionmechanismrevisionoftheinflationmanagementstrategy
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Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy

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