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Abstract <p>The article is devoted to the problem of interaction between budgetary and tax and monetary policies. In economic literature, it is customary to distinguish between passive and active regimes of fiscal and monetary policy. In turn, the combination of one or another mode of policies being implemented determines the forms of their interaction. In this case, the condition for achieving price stability is the presence of coordination – one of the policies is in active mode, and the other in passive mode. Such coordination is possible in a situation of fiscal or monetary dominance. Through empirical analysis, it was concluded that there is no stable coordination between monetary and fiscal policies in Russia, which may explain the high level of inflation. However, the current plans and forecasts of the Government and the Bank of Russia suggest a return to the regime of monetary dominance. Compliance with the budget rule is defined as a necessary condition for the implementation of coordinated economic policy.</p>

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Approaches to Determining the Interaction Modes of Budgetary-Tax and Monetary Policy

  • 期刊论文

  • 发表日期：

    2025年6月1日

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  • E. Yu. Ablaev

摘要

Abstract

The article is devoted to the problem of interaction between budgetary and tax and monetary policies. In economic literature, it is customary to distinguish between passive and active regimes of fiscal and monetary policy. In turn, the combination of one or another mode of policies being implemented determines the forms of their interaction. In this case, the condition for achieving price stability is the presence of coordination – one of the policies is in active mode, and the other in passive mode. Such coordination is possible in a situation of fiscal or monetary dominance. Through empirical analysis, it was concluded that there is no stable coordination between monetary and fiscal policies in Russia, which may explain the high level of inflation. However, the current plans and forecasts of the Government and the Bank of Russia suggest a return to the regime of monetary dominance. Compliance with the budget rule is defined as a necessary condition for the implementation of coordinated economic policy.