We study the optimal design of a fiscal union within a currency union using an open economy model with nominal rigidities. We show that the optimal design of a fiscal union depends crucially on the degree of financial integration across countries as well as the elasticity of substitution between...

We study the conduct of monetary policy in a continuum of small open economies. We solve the model globally in closed form without restricting the elasticity of substitution between home and foreign goods to one. Using this global closed-form solution, we give an exact characterization of...

In the financial accelerator literature pioneered by Bernanke, Gertler and Gilchrist (1999) entrepreneurs are myopic and lenders suboptimally choose a safe rate of return on their loans. We derive the optimal lending contract for forward looking entrepreneurs and provide three main results....

We study cooperative and non-cooperative fiscal policy in an open economy model where cross-country risk sharing is imperfect and countries face terms of trade externalities. We show that the optimal form of fiscal cooperation, or fiscal union, is defined by one parameter: the Armington...

This is one of the first effort to make structural estimation of fertility in Russia.Normal distribution of random individual effect and extreme value distribution of the error are assumed.

In this paper financial frictions are represented by agents heterogeneity. Presence of savers and borrowers permits to analyse financial frictions in a simple and tractable framework. Different types of borrowers create an effect of costly state verification models. Comparatively to these...

In this paper author reveals some evidence on pattern of contraception and fertility in Russia. Contrary to common sense it turns out that women that follow very cautios contraceptive strategy make abortion very rarely. Author offers analytical devices to deal with thats issues.

Foreign experience shows that, as a rule, contributions for compulsory pension insurance paid by both employees and employers. In Russia, the premiums are paid entirely by employers. Under the current system of administration of insurance contributions for compulsory pension insurance there is a...

The article evaluates the development of the transition economies potential in the area of the state administration system. The author points out the primary challenges the countries faced at the initial stage of transition and gives a thorough analysis to the peculiarities of the strategy...