Valery Makarov

Anton Losev

Anton Afanasyev

The authors developed a computable general equilibrium model which describes the channels for money circulation in the Russian economy. Authors conducted scenario computations, in particular, dealing with the impact of monetary, credit and currency policy of the Central Bank on the major macroeconomic indicators of the national economy, and on the real and financial sector. The main instruments for monetary, credit and currency policy were refinancing rate and rouble interventions of the Bank of Russia at internal currency market. The model was used by industrial departments of the Bank of Russia, of the Ministry of Finance and the Ministry of Economic Development. It was applied for the analysis and forecast of dynamics of economic development of the Russian Federation, as well as for determination of the optimal credit, monetary, tariff and budget policy of the Russian government.