The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 4/2026. Finance.

JATS XML

Victoria A. Bannikova

Cand. Sci. (Econ.), Junior Researcher, Mathematical Modeling of Economic Processes Department, Institute of Applied Economic Research, Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia

ORCID: 0000-0002-2140-3875

MARKER GOODS OF INFLATION ATTENTION: CHANGES IN THEIR CATEGORIES AND TYPES UNDER THE TRANSFORMATION OF THE RUSSIAN ECONOMY, 2014–2026

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The article analyzes changes in the population’s attention to information related to inflation for the periods from 2014 to 2021 and 2022 to 2026. Based on the results of a study conducted using regularization and control function methods on data from Internet queries on the topic of “inflation” and Russian statistics, it is shown that in 2014–2021, the leading marker goods were petroleum products and food products (meat, fish, dairy products), while in 2022–2026 importance of several food products (meat, fish) decreased, while the importance of import-dependent non-food products (clothing, knitwear, tobacco products, printed products) increased. Categories with a negative price–attention relationship (medical goods, footwear, construction materials, public catering) are identified, which is explained by limited availability of these goods and, consequently, limited attention to inflation in these categories, postponed consumption, and substitution with cheaper alter-natives. Monitoring marker goods of inflation attention growth is essential for anchoring expectations and improving inflation targeting effectiveness.

Keywords: inflation attention, marker goods, Internet queries, consumer price index.

JEL: D12, E31, E52

EDN: HTLAKC

DOI: https://doi.org/10.52180/2073-6487_2026_4_96_117

Financial support: The article was written on the basis of the RANEPA state assignment research programme.

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Manuscript submission date: 12.06.2026

Manuscript acceptance date: 13.08.2026

For citation:

Bannikova V.A. Marker goods of inflation attention: changes in their categories and types under the transformation of the Russian economy, 2014–2026 // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. № 4. Pp. 96-117. (In Russ.). https://doi.org/10.52180/2073-6487_2026_4_96_117 EDN: HTLAKC

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The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 2/2026. Finance.

JATS XML

Ekaterina E. Melkova

Master’s Student, Department of State Regulation of the Economy of the Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia

MECHANISMS FOR FINE-TUNING MONETARY POLICY AS A TOOL FOR STIMULATING STRUCTURAL SHIFTS IN THE RUSSIAN ECONOMY

45-65

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The purpose of this article is a comprehensive analysis of the current state, problems and potential of the monetary policy of the Central Bank of the Russian Federation as a financial mechanism to stimulate the structural modernization of the Russian economy, which began in 2022. It is shown that the tight monetary policy implemented in 2022–2025 in order to ensure the key macroeconomic prerequisite for structural transformation – price stability, has made it difficult for companies to access national investment resources. The article substantiates the need to activate a selective monetary policy based on fine-tuning mechanisms that can stimulate the development of priority sectors and industries of the economy, which are currently underutilized. Various options for forming an effective channel for supporting targeted economic activities using these mechanisms are being considered and evaluated. The author concludes that the mechanism for refinancing state development institutions based on taxonomy projects is promising and suggests ways to improve it.

Keywords: monetary policy, mechanisms for fine-tuning monetary policy, special refinancing instruments, inflation targeting, structural economic development, targeted project emission, development institutions.

JEL: E52, E58

EDN: SLNJOD

DOI: https://doi.org/10.52180/2073-6487_2026_2_45_65

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Manuscript submission date: 10.02.2026

Manuscript acceptance date: 02.04.2026

For citation:

Melkova E.E. Mechanisms for fine-tuning monetary policy as a tool for stimulating structural shifts in the Russian economy // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. №. 2. Pp. 45-65. (In Russ.). https://doi.org/10.52180/2073-6487_2026_2_45_65 EDN: SLNJOD

  Creative Commons 4.0

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 4/2026. Finance.

JATS XML

Aleksandr V. Milenkov

Dr. Sci. (Econ.), Associate Professor, Professor of the Department of Global Financial Markets and Fintech, Plekhanov Russian University of Economics, Moscow, Russia

ORCID: 0000-0001-7812-2348

Svetlana V. Frumina

Cand. Sci. (Econ.), Associate Professor, Head of the Department of Global Financial Markets and Fintech, Plekhanov Russian University of Economics, Moscow, Russia;

Associate Professor of the Department of Public Finance, Financial University under the Government of the Russian Federation, Moscow, Russia

ORCID: 0000-0001-5143-9417

AI-DRIVEN FINANCIAL ADVISORY: FROM OVERCOMING INFORMATION ASYMMETRY TO NEW RISKS AND REGULATORY CHALLENGES

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The article analyzes the Bank of Russia’s initiative to create a specialized AI agent for selecting financial products, which was announced in April 2026. It examines architectural and regulatory approaches to implementing agentic systems in financial advisory services. Based on a synthesis of international and Russian research, the study explores the economic nature of AI intermediation as a mechanism for overcoming information asymmetry, which simultaneously creates new challenges: technical vulnerabilities of algorithms, institutional risks, user interest manipulation, market latency, and the problem of liability distribution. Special attention is paid to the evolution of regulatory approaches abroad, the identification of factors determining the success of agentic systems implementation, as well as the analysis of international precedents. The author proposes a classification of maturity levels for AI financial intermediaries. Recommendations are formulated for the governance of the AI agent aimed at balancing technological autonomy, fiduciary responsibility, and competitive neutrality.

Keywords: artificial intelligence, AI agent, financial advisory, information asymmetry, Bank of Russia, AI technical risks, behavioral risks, market latency, responsibility for AI recommendations.

JEL: G18, G23, G28, O33

EDN: HICHNS

DOI: https://doi.org/10.52180/2073-6487_2026_4_70_95  

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Manuscript submission date: 08.06.2026

Manuscript acceptance date: 13.08.2026

For citation:

Milenkov A.V., Frumina S.V. AI-driven financial advisory: from overcoming information asymmetry to new risks and regulatory challenges // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. № 4. Pp. 70-95. (In Russ.). https://doi.org/10.52180/2073-6487_2026_4_70_95 EDN: HICHNS

  Creative Commons 4.0

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 2/2026. Finance.

JATS XML

Sergey A. Perekhod

Cand. Sci. (Econ.), Head of the “Fininvest” Laboratory, Associate Professor of the Department of Financial Markets and Financial Engineering, Financial University under the Government of the Russian Federation, Moscow, Russia

ORCID: 0000-0002-4606-1226

Vladislav V. Velichko

Researcher, “Fininvest” Laboratory, Faculty of Finance, Financial University under the Government of the Russian Federation, Moscow, Russia

Anastasiia N. Kovalenko

Researcher, “Fininvest” Laboratory, Faculty of Finance, Financial University under the Government of the Russian Federation, Moscow, Russia

THE IMPACT OF MACROECONOMIC POLICY ON THE CAPITALIZATION OF THE RUSSIAN STOCK MARKET

28-44

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This article investigates the impact of macroeconomic policy on the capitalization of the Russian stock market under conditions of liquidity segmentation, impaired arbitrage, and shifts in investor composition following 2022. The objective of this study is to refine the transmission mechanism of monetary and fiscal impulses to the market capitalization of public companies, accounting for institutional constraints. The methodological framework is grounded in a synthesis of macro-financial literature, a comparative analysis of international empirical findings against Russian specificities, and a qualitative institutional and functional analysis. The findings indicate that in the contemporary Russian context, the influence of the key interest rate on short-term equity market dynamics is diminishing, whereas the role of ruble liquidity is increasingly pronounced. It is established that the response of market capitalization to macroeconomic impulses exhibits sectoral heterogeneity and is contingent upon the dominant transmission channel–interest rate, credit, fiscal, or foreign trade. The study substantiates that ownership structure, state participation, and investor composition act as robust modifiers of the market response. The primary result of this paper is the development of a matrix of institutional filters linking macroeconomic policy decisions to the heterogeneous responses across various segments of the Russian stock market. The scientific novelty of the research lies in the conceptualization of elements for a transmission model mapping macroeconomic policy onto the capitalization of public companies.

Keywords: macroeconomic policy, monetary policy, stock market, transmission mechanism, market liquidity, institutional constraints, stock market capitalization.

JEL: E44, E52, E62

EDN: VUFPUR

DOI: https://doi.org/10.52180/2073-6487_2026_2_28_44

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Manuscript submission date: 09.02.2026

Manuscript acceptance date: 02.04.2026

For citation:

Perekhod S.A., Velichko V.V., Kovalenko A.N. The Impact of Macroeconomic Policy on the Capitalization of the Russian Stock Market // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. № 2. Pp. 28-44. (In Russ.). https://doi.org/10.52180/2073-6487_2026_2_28_44 EDN: VUFPUR

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