The article considers the theoretical aspects of the impact of restrictive monetary and fiscal policy on inflation and its realization in the process of market transformations in Russia. It is shown that the measures of this policy based on monetarist theories, effective to overcome the inflation of demand, but during periods of predominance of cost-push inflation leads to development of inflationary processes. The ineffectiveness of such measures fully manifested in times of crisis state of economy, when the development of inflation combined with reduced production, rising unemployment and declining living standards. The absence of unequivocal direct correlation between the increase in money supply growth and inflation in Russia is justified. The role of the Keynesian theory and the theory of the supply economy for overcoming the crisis is shown by the author. The impact of the dynamics of world oil prices on the change in the exchange rate of the ruble and the development of inflationary processes is analyzed.