Inflationary Processes in Russia in a Context of Crisis

Alina M. Grebenkina – Junior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Natalja V. Makeeva – Junior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Elena V. Sinelnikova-Muryleva –Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Inflation in Russia has long been being below target, which provides an opportunity for a stimulative monetary policy. In condition of crisis a moderate increase of inflation to the target level has positive effect on the economy. According to estimates, 4% inflation target remains optimal and currently there are no structural reasons for its revision.

Key words: optimal inflation, welfare costs of inflation, сrisis.