ISSN (print) - 0131-7652

ISSN (online) - 2686-7605

Vol. 56 No. 4 (2026)
FINANCIAL ECONOMY

Monetary Policy and Economic Ideologies (based on transcripts of meetings of the State Duma)

Requires Subscription or Fee PDF (Русский) (RUB 200)
  • V.V. Volchik,
  • I.M. Shiriaev,
  • S.S. Tsygankov,
  • A.I. Maskaev
V.V. Volchik
Southern Federal University
I.M. Shiriaev
Southern Federal University
S.S. Tsygankov
Southern Federal University
A.I. Maskaev
Southern Federal University
DOI: https://doi.org/10.30680/ECO0131-7652-2026-4-175-199

Published 2026-08-03

Keywords

  • economic ideologies; monetary policy; State Duma; Central Bank; narrative economics; inflation; exchange rate; economic growth

How to Cite

1.
Volchik В, Shiriaev И, Tsygankov С, Maskaev А. Monetary Policy and Economic Ideologies (based on transcripts of meetings of the State Duma). ECO [Internet]. 2026 Aug. 3 [cited 2026 Aug. 4];56(4):175-99. Available from: https://ecotrends.ru/index.php/eco/article/view/4992

Abstract

Russia’s monetary policy raises many questions and sparks much debate. The methodology of narrative economics, in the tradition of R. Schiller, makes it possible to identify the ideological bias inherent in theoretical narratives about monetary policy. The empirical basis of the study was provided by transcripts of sessions of the State Duma of the Federal Assembly of the Russian Federation from 1994 to 2024, during which the annual reports of the Central Bank of Russia were discussed. Based on a thematic analysis, the statements were grouped into four main themes: economic growth; the fight against inflation; national sovereignty; and alternative approaches to monetary policy. A comparison of the positions of deputies and Central Bank representatives revealed the prevailing economic ideologies in narratives on monetary policy: dirigisme, neoliberalism, and, conditionally, the “special path.” Overall, lawmakers and Central Bank representatives hold opposing views on the goals of monetary policy; however, their positions converge when considering issues related to the economic sovereignty of Russia’s financial system.
Requires Subscription or Fee PDF (Русский) (RUB 200)

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