The problem of definition of the term “monetary policy”

This article is devoted to study of the problem of definition of the term “monetary policy” (hereinafter - MP). At present no existing modern definitions of the given notion in domestic and foreign scientific literature is full; the world experience of conducting MP is also not taken into account. We offer to systematize domestic and foreign theoretical approaches to the definition of MP depending on emphasis made in definitions. Thereby, having analyzed Russian-language economic literature we have received the following results: definitions with an emphasis that MP is special events for maintenance of a high level of economic development of the country; measures in the money-credit sphere directed by means of special tools on maintenance of an efficient level of economy in the country; the state’s course, including the government’s, in the money and credit sphere and special measures directed on maintenance of an efficient level of economic development of the country; a course and measures of the state which influence economy by means of using special tools; a complex of the measures of a body accredited by the state in the field of money circulation and credit directed on maintenance of an efficient level of economy in the country; a component of state’s policy in the money-credit sphere directed on maintenance of an efficient level of economy in the country; the total of the state’s measures represented by the Central Bank (hereinafter - CB) directed on maintenance of a stable and efficient level of economic development; a component of the state policy in the field of money circulation and credit and, simultaneously, a complex of CB measures directed on maintenance of an efficient level of economy in the country; the total of tools and methods directed on maintenance of efficient economy. The analysis of foreign economic literature has shown the following: definitions with an emphasis that MP is actions of the government and CB in the money and credit sphere; measures and tools of the government for maintenance of efficient economy; actions in the money and credit sphere directed on the growth of economy; actions in the money and credit sphere which are realized on the base of the theories of money for the reason of maintenance of an efficient level of economy; actions of CB. We have learnt modern Russianspeaking, English-speaking and German-speaking theoretical approaches to the term “monetary policy”; they are similar. On the basis of the analysis we offer an elaborated interpretation for the term MP which, in our opinion, is universal, more relevant and can be equally applied for the explanation of the essence of MP of the national and supranational Central Bank.

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