Abstract
The author analyzes the challenges for monetary policy in Russia in 2014-2015, related to the strengthening of the impact of external shocks on the Russian economy. It is shown that the transition to a freely floating exchange rate and inflation targeting regime in late 2014 - early 2015 was fraught with increased financial instability and limitation of anti-crisis role of monetary policy. Practical recommendations on improvement of monetary policy in current Russian conditions are offered, including the transition to a limited discretionary policy, strengthening of the exchange rate policy and the introduction of certain restrictions on the cross-border capital flows.
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