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A MACROECONOMIC MODEL OF THE RUSSIAN ECONOMY
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A MACROECONOMIC MODEL OF THE RUSSIAN ECONOMY
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
Authors
Dmitry Skrypnik 
Edition
Volume 52 Issue 3
Pages
92-113
Abstract
The macroeconomic model of Russian economy is constructed. The model takes into account the key features of behavioral mechanism, economic policy mechanism, and key structural features of the economy. We model the budget rule mechanism, consider interaction of the Central Bank and budget in a context of monetary and budget reserves accumulation. We include two different monetary policy rules in the model: domestic credit rule and exchange rate rule. The exchange rate submodel describes a Balassa-Samuelson effect and terms of trade effect.The model has high forecast power: model forecast quality is higher than Ministry of Economy Development of Russian Federation forecast quality for majority of macroeconomic indicators.
Keywords
macroeconomic modeling, error correction model, budget rule, transmission mechanism of monetary policy
Date of publication
01.07.2016
Number of purchasers
1
Views
930
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0.0 (0 votes)
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