COMPARATIVE EFFECTIVENESS OF FISCAL AND MONETARY POLICIES

Abstract

The article explores the comparative effectiveness of fiscal and monetary policies as the main instruments of state regulation of the economy. Using a systemic and historical-economic approach, the authors analyze the conditions under which these policies prove to be effective, as well as situations where they lose their impact. Particular attention is paid to the conceptual distinction between «efficiency» and «effectiveness» in macroeconomic policy, highlighting the importance of time lags, institutional constraints, and the nature of economic downturns. Based on Russian practice from 1990 to 2022, the study examines specific episodes of crisis management, including the 1998 default, the 2008–2009 global financial crisis, and the 2020–2022 COVID-19 pandemic. The analysis demonstrates that while monetary policy may be sufficient in addressing short-term recessions, deeper structural crises require fiscal adjustments or even a temporary shift to state «dirigisme». The results provide insights for developing more balanced and result-oriented macroeconomic strategies in the Russian Federation.