Russia's economy was characterized by lessening of internal and external demand within the first five months in 2013. A drop in industrial output which in May 2013 reached 1.4% against May 2012 had a substantial effect on the domestic market in the current year. Stagnation in the investment...

In January thru May 2013 capital investments in real terms stood at 99.6% on a year-on-year basis. An uptrend in corporate own funds and federal budget funds was boosted in the structure of sources of investment financing. In Q1 2013, investments dropped in real terms on a year-on-year basis by...

This paper investigates welfare gains and channels of risk sharing among 14 Middle Eastern and North African (MENA) countries, including the oil-rich Gulf region and the resource scarce economies such as Egypt, Morocco and Tunisia. The results show that, for the 1992-2009 period, the overall...

The slowdown of the economic growth in April 2013 was determined by the slackening of the investment demand dynamics. In April 2013 the investments in fixed assets made 99.3%, in January-April – 99.8% of the corresponding indices of the previous year. However, the indices of the industrial...

This paper explores the distributional implications of a fiscal devaluation acquired through a shift from labor to consumption taxes in an open-economy Heterogeneous Agents New Keynesian model with incomplete markets and uninsurable income risk. A permanent fiscal devaluation perfectly mimicking...

As the world debates the economic crisis, it does so without considering two historically important ideas: the stigmatization of miserliness and the prohibition of usury. Although these ideas were once keystones of society, they are missing from the current discourse. This paper seeks to...

The COVID-19 pandemic induced an increase in both the amount of time that households spend at home and the share of expenditures allocated to at-home consumption. These changes coincided with a period of rapidly rising house prices. We interpret these facts as the result of stay-at-home shocks...

The COVID-19 pandemic induced a significant increase in both the amount of time that households spend at home and the share of expenditures allocated to at-home consumption. These changes coincided with a period of rapidly rising house prices. We interpret these facts as the result of...

The recovery of growth of GDP in H1 2021 was supported by the outpacing growth of investments in fixed assets, the dynamics of the construction complex and manufacturing industries with an increase in the contribution of net exports. The growth of income and savings has determined the...

Can shifts in the credit supply generate a boom-bust cycle similar to the one observed in the US around 2008? To answer this question, we develop a general equilibrium model that combines a rich heterogeneous agent overlapping-generations structure of households who make housing tenure decisions...