The channels of an impact of a state monetary policy on the regional economy

Relevance. The unified state monetary policy is an important component of the state's economic policy and is aimed at achieving the long-term goal of economic development through ensuring price and financial stability. At the same time, an important limitation of monetary regulation is the use of money market management tools that affect the entire economy as a whole. As a result, monetary regulation, while effective at the level of the entire monetary system, may be suboptimal in certain regions. This problem can be considered most acutely in large federal states and supranational associations with territorial and economic diversity, for example, in the eurozone, the United States and Russia. The purpose is to identify channels for transmitting the effect of the use of monetary policy instruments on regional economic development in conditions of spatial heterogeneity. Objectives: to illustrate the statistical heterogeneity of spatial development, to determine the regional component of the main channels of the transmission mechanism of monetary policy; to consider possible distorting effects associated with interregional heterogeneity. Methodology. In this study, the following methods were used: statistical methods, the method of analyzing the sources of the problem under study, the comparative method. Results. The article substantiates the importance of considering spatial heterogeneity in the planning and implementation of monetary policy in Russia. Calculations of the regional heterogeneity of the main economic indicators have been carried out. The channels of transmission of interbank market rates to the regional level are considered and various views on the spatial and sectoral heterogeneity of the effects are presented. Conclusions. Based on the analysis of the economy's response to PREP shocks, general and economic factors that influence the response of regional systems when using PREP tools have been identified. It is concluded that it is necessary to take into account regional heterogeneity when conducting PREP, as well as to develop regional financial markets. The results obtained can be used for mathematical modeling purposes in further studies of the heterogeneity of the effect of monetary policy in the regions.