Effectiveness of the bank of Russia’s monetary policy in terms of key rate regulation

This article discusses issues related to the effectiveness of the Bank of Russia’s implementation of its monetary policy. The object of the research is the financial system of the Russian Federation. The subject of the research is the processes taking place in the monetary sphere of the Russian Federation. The information base for the study is based on statistical data published by the Bank of Russia and the Federal State Statistics Service of the Russian Federation. The article analyzes the effectiveness of measures to regulate the monetary sphere of the Russian Federation implemented by the Bank of Russia. The indicators used are inflation, the key rate, and rates on ruble loans in terms of urgency and subjects of attraction. A regression analysis was carried out, based on the results of which a conditional model of the transmission mechanism of the monetary policy of the Russian Federation was compiled. Based on this model, the optimal value of the key rate of the Bank of Russia is calculated.