The indicator of monetization of the economy, which measures the amount of money in circulation compared to the overall economic output, is commonly used by Russian economists to evaluate monetary policy. However, a study found that this indicator doesn't provide useful information about economic conditions. High monetization doesn't necessarily boost economic growth, and central banks have limited control over it. In countries with low monetization, increasing the money supply can lead to higher inflation. The study suggests that relying on the monetization indicator may not be the best approach for analyzing the economy and that blaming the Bank of Russia for low monetization levels may not be justified.