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Vadim Grishchenko
Head of Unit - The Central Bank of the Russian Federation
Vadim Grishchenko is an accomplished professional with extensive experience in economics, finance, and banking. He started his academic journey by obtaining a Bachelor of Arts degree in International Economy from the Moscow State Institute of International Relations. Later, he continued his education by earning two Master's degrees in Banking and Financial Support Services and International Finance respectively from the Higher School of Economics and the Moscow State Institute of International Relations.
Vadim started his career as a Junior Analyst at MGIMO-University before joining the Alfa-Bank research team as a Research Analyst intern. He subsequently joined The Central Bank of the Russian Federation, where he held various positions such as Analyst, Lead Economist, and Senior Economist. Currently, he serves as an Adviser at The Central Bank of the Russian Federation.
In his positions at The Central Bank of the Russian Federation, Vadim gained significant expertise in macroeconomic analysis, monetary policy, financial stability, and international cooperation. He also dealt with various banking and financial instruments, including bonds, derivatives, and structured finance.
Overall, Vadim Grishchenko is a highly accomplished and experienced professional with expertise in economics, finance, and banking.
Highlights
#БанкРоссии #Мультипликатор #MoneyMultiplier #CentralBanking #ModernMoneyMechanics
В начале сентября вышел новый номер журнала "Деньги и кредит". Тема номера - трансмиссионный механизм денежно-кредитной политики. В моей статье представлен современный "центробанковский" взгляд на денежный мультипликатор - широко известный, но не всегда корректно интерпретируемый механизм. Выражаю благодарность всем, кто принял участие в обсуждении данной работы на предварительном этапе.
This paper considers the mechanisms of money supply creation: deposit, reserve and money multipliers. Having analysed the evolution of banking practices and monetary policy regimes we arrive at a conclusion that nowadays banks do not accumulate reserves in order to lend while the dynamics of cash in circulation has only but few macroeconomic implications. Therefore, the multipliers have become less informative. However, this does not challenge the need of the money and reserve demand estimation for monetary policy strategy and implementation.
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