Based on the mesoeconomic model of the shifting mode reproduction (SMR), an analysis is made of the current problem of the impact of emissions on economic growth and inflation. Calculations showed that in the long run, the economy can respond to emissions in a wide range: from inflation-free GDP growth to stagflation. Thus, one of the fundamental hypotheses of modern orthodox macroeconomic theory about the neutrality of money in the long term is called into question. Further, using the SMR model, progress in applied analysis was achieved in the field of applied analysis of the problem of the impact of emissions on economic growth and inflation. An algorithm for calculating the money flows distribution coefficient (coefficient q) is proposed, which turned out to be very useful for making decisions that mitigate inflationary expectations from emission shocks and increase the likelihood of accelerating economic growth. An analysis of the regression equations linking q with a number of key factors showed that in Russia the activation of emissions can lead to faster growth amid low inflation if it is accompanied by measures to reduce the tax burden, especially in the corporate sector; to stimulate high-tech exports; to intensify investments in state assets; to increase R&D expenses; by increasing the monetization coefficient.