The modern methdological approaches to analysis monetary and credit policy of the central bank

This paper presents the results of a study of modern methodological approaches to the analysis of monetary policy of a central bank. The author provides his definition of the concept of "monetary policy of the central bank", summarizes the purposes of this analysis based on the reference to the economic scientific literature. We propose to interpret an "analysis of monetary policy of the central bank" as a method for comprehensive scientific study of monetary policy of the central bank through the investigation of all of its elements, or only some particular element to identify its nature, patterns, trends, and especially problems. We propose to consider the analysis of monetary policy of the central bank in the broad and narrow sense, depending on whether the analysis is applied to the monetary policy of the central bank to study it as a whole not focusing on any particular element, or only to one of its elements. We propose a classification of methodological approaches into universal and specific and consider their pros and cons. We classify the universal methodological approaches into methodological approaches used in the broad and narrow sense, and methodological approaches used only in the narrow sense. The universal methodological approaches are used to analyze monetary policy in the broad and narrow sense and are suitable to analyze monetary policy of any central bank. The specific methodological approaches are those specifically designed and applicable only to monetary policy of a particular central bank, they are not universal. In the group of specific methodological approaches for the analysis of monetary policy of the central bank, we employed a method developed by E.A. Shatrov for the analysis of monetary policy of the ECB only. A specific feature of this approach is to analyze the coalition behavior of the central banks, which is peculiar only to the supranational ECB, which brings together a group of the central banks. As a result of our study, we have developed a set of conclusions: there are extensive opportunities for modern scientists to conduct a scientific analysis of monetary policy of the central bank using various methods, there are universal methodological approaches applicable in an analysis of monetary policy of central banks (CBR and any foreign central bank, including monetary policy of the supranational central bank, for example, monetary policy of the ECB), the problems of the analysis of monetary policy of the central bank are profoundly investigated using universal methods, there is a narrow circle of specific methods, there is a prospect for new methodological approaches, there is a need for specific methods of analysis of money policy of the supranational central bank. The results of our study are presented schematically.

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