This paper investigates an array of nominal systems for the Russian economy, of domestic price level, import prices, exchange rates, money stock, barter, nominal wages, and output, and conducts I(1) and I(2) cointegration analyses. Post-stabilization monthly data are used, 1995:6-2001:5. The price-wage spiral presence is tested, and the effects of money and real exchange rate. In the last system, barter is introduced, and the effect of that on the comparative Polish-Russian analysis is discussed. It is found that in Russia inflation has had mostly monetary roots, that exchange rate was important for the price dynamics, and that ruble was inefficiently over-valued. While the wage-price spiral was not found in the system without barter, in the system corrected for barter the role of wages significantly increased. The paper concludes with a comparative policy analysis to Poland, which updates the previous version in Vostroknutova (2003).
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Paper provided by European University Institute in its series Economics Working Papers with number
ECO2003/16.
Length: Date of creation: 2003 Date of revision: Handle: RePEc:eui:euiwps:eco2003/16
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Find related papers by JEL classification: C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Peter Christoffersen & Peter Doyle, 2000.
"From Inflation to Growth,"
The Economics of Transition,
The European Bank for Reconstruction and Development, vol. 8(2), pages 421-451, July.
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