Журнал «Менеджмент и бизнес-администрирование»
№4 / 2019

Формирование денежно-кредитной политики в условиях «сглаживания» краткосрочной кривой Филлипса

Цховребов М.П.,

кандидат экономических наук, младший научный сотрудник Центра денежно-кредитной политики и финансовых рынков, Финансовый университет при Правительстве РФ (Москва)

Аннотация. Кривая Филлипса является важной составной частью теории и практики монетарной политики, направленной на обеспечение важных условий для развития экономики и повышения благосостояния населения. С 1958 г., когда английским экономистом У. Филлипсом была впервые описана (17) зависимость между инфляцией и уровнем экономической активности, концепция кривой Филлипса подверглась существенным изменениям. Данные по развитым странам с 1990-х гг., особенно после кризиса 2008 г., свидетельствуют об ослаблении этой зависимости. «Сглаживание» кривой Филлипса стало основанием для утверждений о завершении этой истории. Однако прежде чем отказаться от этой теории, следует понять причины произошедших изменений, что будет иметь решающее значение для выбора будущей денежно-кредитной политики.

Ключевые слова: регулирование экономики, монетарная политика, кривая Филлипса.

Monetary policy formation under the conditions of «smoothing» of the short-term Phillips curve

Tskhovrebov M.P.,

Candidate of Economics, Ph.D. Center for Monetary Policy and Financial Markets, Financial University under the Government of the Russian Federation (Moscow)

Abstract. The Phillips curve is an important component of the theory and practice of monetary policy, aimed at providing important conditions for economic development and improving the welfare of the population. Since 1958, when the English economist W. Phillips first described (17) the relationship between inflation and the level of economic activity, the concept of the Phillips curve has undergone significant changes. Data from developed countries since the 1990s, especially after the 2008 crisis, indicate a weakening of this dependence. The «smoothing» of the Phillips curve became the basis for allegations of the completion of this story. However, before abandoning this theory, one should understand the reasons for the changes that will be crucial for the choice of future monetary policy.

Keywords: economic regulation, monetary policy, Phillips curve.

DOI: 10.33983/2075-1826-2019-4-47-54

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