The relationship between the monetary and real sectors of the economy, the impact of the key rate of the bank of Russia

The author continues to study the relationship between the monetary and real sectors of the economy. In difficult modern conditions, this relationship is becoming closer, monetary policy is becoming increasingly dependent on structural changes in the real sector of the economy. The effectiveness of monetary policy increasingly depends on the flexibility of the Bank of Russia’s response to changes in the situation. The key rate of the Bank of Russia becomes such an important tool, combined with the definition of a long-term goal in the form of maintaining inflation at or near 4%. The results of testing the hypothesis about the continued influence of the main instruments of the monetary sector on the economy are presented. The dynamics of the key rate in the banking system, its relationship with the inflation rate are considered. The degree of correlation of the factors of the monetary and real sectors of the economy with the key rate is determined.