Monetary base and achieving economic growth in different countries

The article examines the impact of the monetary base as an instrument of monetary policy of central banks on economic growth. The differences in the influence of the monetary base on the GDP of 9 countries, namely: Russia, the United States, Brazil, Germany, Norway, Denmark, India, China, and Japan, are considered. For the study, countries with different levels of economic development were selected, differing in geographical and institutional criteria used in world practice. The article examines the impact of changes in the monetary base on economic growth, namely, on the GDP indicator. Well-known methods based on econometrics have the property of determining dependence, which does not coincide with the concept of “management” in its broad sense. The aim of the work is to try to determine the properties of the monetary policy instrument as a control element, the change of which should entail a predetermined change in the controlled factor (an economic indicator that characterizes the goal of monetary policy). Thus, an attempt is made to contribute to the discussion about the work of such a monetary policy instrument as the monetary base for achieving economic growth. To obtain the results of the study, a new mathematical analysis tool was used, which takes into account aspects of assessing the quality of the impact of the DCP tool on macroeconomic indicators that are not taken into account in classical econometric models. The article suggests that the impact of the monetary base on GDP may involve three management scenarios: a change in the monetary base determined GDP growth with violations of the response to management in certain periods; no response to the management impact; transitional-at times, a short-term positive impact is recorded, in fact, close to the second scenario. On average, in the countries of the first and third scenarios, the greatest impact of the monetary base on GDP is recorded after 10 months.