Efficiency of Monetary Policy Mechanisms Before and After the 2008 Financial Crisis in the Russian Economy

The goal of this work is to reveal differences in transferring the regulator’s policy before and after the 2008 financial crisis. The research was made by using the method of vector auto-regression. The analysis was related to the channel of interest rate, corporate crediting, volumes of money supply, and growth of the prices level. Differences in the monetary policy of the regulator before and after the 2008 financial crisis were interpreted. Changes in the transfer of the regulator’s monetary policy via channels of the monetary transmission: the level of prices, interest, rate, bank crediting, and channel of monetary flows were statistically confirmed. It was determined that the specified channels had relative importance in transferring the policy and acted with the relatively different level of efficiency during the pre- and post-crisis period. The growth of efficiency of the channel related to the unforeseen growth of prices level, channel of bank crediting, and channel of monetary flows during the post-crisis period were revealed. Results of the research can be used for further theoretical and empiric analysis of the transmission mechanism. Results of such researches are useful for the regulator to pursue efficient monetary policy, for commercial banks to take into account when forming the development strategy whose important element is a system of financial stability management