Reducing the asymmetry of monetary policy effects at the regional level: A review of foreign and Russian literature for 1997–2021

Abstract

Subject. This article examines the asymmetry of the effects of monetary policy at the regional level, described in foreign and Russian scientific publications for the period from 1997 to 2021. Objectives. The article aims to develop recommendations for economic regulators that can contribute to reducing the asymmetry of the effects of monetary policy at the regional level. Methods. For the study, I used the methods of economic analysis, comparison, expert assessment, content analysis, scientific skepticism, and analogy. Results. The article presents the author-developed recommendations for monetary and fiscal policies, as well as additional measures that can help reduce the asymmetry of regional reactions. Conclusions. The analyzed publications and the author's own research show that ignoring the asymmetry of the effects of monetary policy at the regional level can cause losses in the well-being of economic agents. To enhance the efficiency of spending regional budgets, measures to create investment attractiveness of the regions are required. It is necessary to create projects aimed at developing logistics infrastructure between regions and increasing the mobility of labor, including highly qualified one.