The effectiveness of monetary policy in modern economic conditions

In the context of an increasingly complex internal and external macroeconomic environment (high inflation, labor shortage, redistribution of foreign trade flows and sanctions pressure), the Russian economy faces the task of adapting to new challenges. In response to accelerating inflation, the Bank of Russia is implementing a policy of strict monetary regulation, which gives rise to discussions about the effectiveness of such measures in the context of stimulating economic growth. The purpose of the study is to assess the effectiveness of the monetary policy in the context of modern economic challenges, to identify its impact on inflation, credit activity, investment and economic growth. The study used statistical data from the Bank of Russia, inflation indicators, the key rate, money supply, household income and employment. The methods of comparative, factor and graphical analysis were used, as well as an assessment of correlations between the parameters of monetary policy and macroeconomic indicators. The results show that tight monetary policy contributed to a short-term reduction in inflation and an increase in savings, but could not significantly limit domestic demand. Lending, especially in the corporate segment, remained stable, and investment activity reached record levels. The conclusion is that a more flexible and balanced approach to regulating monetary policy is needed, taking into account the structural features of the economy and coordination with budget measures to achieve price stability and sustainable growth.