THE COORDINATION GAP BETWEEN MONETARY, FISCAL AND INVESTMENT POLICIES: MACRO-FINANCIAL TRANSMISSION CHANNELS
Sergey N. Silvestrov, Stanislav B. Reshetnikov, Natalia E. Kotova
Financial University under the Government of the Russian Federation, Moscow, Russian Federation
Keywords: monetary policy, fiscal policy, investment policy, macro-financial compounds, inflation expectations, structural transformation
Abstract
This article examines the coordination gap between monetary, fiscal, and investment policies in the contemporary Russian economy. It demonstrates that when the key rate, fiscal stimulus, and investment incentives are set in different directions, a mutual weakening of monetary and fiscal policies occurs. It also proposes an analytical framework, including a “macro-sustainability triangle” model, a coordination gap index, and a system of empirical equations for assessing the impact of monetary and fiscal stimulus on investment activity.
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