Many researchers have recommended to increase public debt in the aftermath of the financial crisis in order to relax borrowing constraints for private households. This advice is based on the common assumption that borrowing conditions of private agents are exogenous to public policy. We study...

The basic asset pricing equation is adapted to include the effects of unemployment, consumers' expectations, the price level and money supply on money market rates and government bond yields. Expected consumption growth is modelled using European unemployment figures and Eurostat Consumer...

A fully inflation-indexed economy stabilizes economic inter-temporal relationships and offers a set of potential benefits: hedging the economy against inflation; improving the performance of the financial system; helping to lessen the most common housing and economic recessions of developed...

At the beginning of 2013 the economic activity continued to slow down – the process that started in 2012. In February 2013 the investments in fixed assets growth rates made only 100.3% in annual Terms

On December 14, 2012 Federal State Statistics Service published updated data on volumes and dynamics of investment in fixed assets in Q2 and Q3 2012. As a result, the figure for the investment in fixed assets growth rates in January-September 2012 against the corresponding period of the previous...

In January‐August 2012 investments in fixed assets made Rb 6206.8bn, having increased by 8.8% versus the corresponding period of the previous year. In July the increase in the investments in fixed assets decreased to 3.8% in annual terms, and in August – to 2.3%. Under the existing dynamics...

I propose a two-sector endogenous growth model with heterogeneous sectoral productivity and sector-specific, nonlinear hiring costs to analyse the link between sectoral resource allocation, low productivity growth and stagnant real wages. My results suggest that an upward shift in the labor...

The recent financial crisis has shown that liquidity fluctuations in asset markets can have a large impact on the real economy. Many central banks started unconventional monetary policies in 2008, but we still have little understanding of optimal monetary and fiscal policies in such an...

In October 2015, fixed capital investment came to 94.8% and in January–October – 94.3% against the same indicators last year. In October, the volume of construction constituted 92.1%, commissioning of new living floor space – 87.4% against indicators of October 2014. Prolonged contraction...

In January-May 2014, capital investments in real terms amounted to 96.2% on the respective index of the previous year. In the patiern of sources of investment funding, the share of own funds and banks' participation increased with a reduction of investment of federal budget funds. In Q1 2014, in...