CHANGING THE DOCTRINE OF MONETARY AND FISCAL POLICY UNDER THE CONDITIONS OF A RECESSION

Abstract

The phenomenon of recession determines the development of the Russian economy, but the contours of macroeconomic policies, designed to overcome the recession, the central place in which is occupied with monetary and fiscal policy, can not be seen yet. The reason is that the main instruments of monetary and fiscal policy are not focused on solving this problem. The article defines basic problems of monetary and fiscal policy, highlights the main directions of their changing. As effective principles are grounded the principles of «portfolio interest» and «bad balance» in order to reduce the gap between the development of the finance and the manufacturing sectors of the economy, since the organization of economic growth only in commodity sectors and services cannot ensure long-term sustainable growth