Long-term Challenges for the Monetary Policy in Russia: Climate Change, Demographics and Digital Rouble Adoption

Eugeny L. Goryunov – Senior Researcher of the Gaidar Institute for Economic Policy; Senior Tutor at the Department of Finance and Foreign Exchange and Credit Relations of the Russian Foreign Trade Academy; Tutor at the Department of Macroeconomics of the Institute of Economics, Mathematics and Information Technology, 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.

According to the project of the “General lines of unitary governmental monetary policy on the 2022 and the period of 2023–2024”, published by the Bank of Russia, global climate change and demographics should prospectively be considered as a factors of macroeconomics dynamics and therefore taken into account when monetary policy decisions are made. Also Russian monetary authority confirms that it is going to adopt digital currency. These innovations are discussed in the paper.

I support the idea that transition to inflation targeting in 2014 was a key factor ensuring that inflationary expectations were anchored, which created the conditions for a countercyclical stimulating monetary policy during the recent economic downturn.

Key words: monetary policy, global climate change, demographics, inflation targeting.

JEL-codes: E31, E52, E58, J11, Q54.