Methodological approaches to assessing the impact of monetary policy instruments on regional economic processes

The article is devoted to assessing the impact of the use of various monetary policy instruments on regional financial systems and economic processes. The paper examines the content of the state monetary policy, highlights the main channels of the transmission mechanism and some features of their functioning at the present stage, determines the degree of their significance for the regional level, highlights the main factors that determine the reaction of regional financial systems to monetary policy shocks and the use of various monetary instruments. The authors draw a conclusion about the heterogeneous influence of monetary policy on regional financial processes, and present the most rational methodological approaches to assessing the resulting influence at the regional level of the interest rate channel, narrow credit channel and welfare channel. An approach is proposed to systematize the subjects of the Russian Federation by combining the types of response to the impact of various transmission mechanism channels (according to the degree of manifestation of investment and consumer reactions of the region to monetary shocks).