An important condition for the transition to the free float and inflation targeting regime is the ability of the Russian Central Bank to pursue an active independent policy of interest rate adjustment. The purpose of this investigation is to analyze the effect produced by the exchange rate...

Russian Abstract: Сегодня практически все развитые страны мира пытаются найти ответ на новые вызовы, которые стоят перед социальными системами. Большинство из этих...

The paper looks into emergence of external imbalances and economy’s adjustment to them. We find that Russian economy adjusts mainly via increase or decrease of domestic demand (resulting in substantial risks and losses of production), while capacity of adjustment via exchange rate channel is...

The analysis is based on the Russia Longitudinal Monitoring Survey (RLMS). Individual replacement rates are estimated for the first time. Russian pension system proves to be oriented rather on social policy objectives than on smoothing consumption over the life cycle. The efficiency of pension...

In this paper the authors propose the model of agreement (financial balance) of macroeconomic forecasts, budget plans and balance of payments forecasts and the results of experimental calculations of this model for 2006—2008. The urgency of working out special instruments of such agreement is...

The impact of real exchange rate on the Russian economy in internal and external markets is studied. The analysis takes into account that imported goods are only partial substitutes for those produced domestically, as the former is comprised mainly by manufactures with diverse properties....

The article presents an empirical investigation of the impact of the Balassa—Samuelson effect on the real ruble appreciation in 1999—2007. We consider long-run, supply-side determinants of the real ruble exchange rate, such as changes in terms of trade and labor productivity. Using Russian...

The paper considers fiscal policy in countries that build on use of non-renewable natural resources. Size of the "oil GDP", natural rent, and fiscal proceeds from the oil sector are estimated for Russia. These and similar parameters are compared across major oil-producing countries. Econometric...