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Снижение Инфляции Не Должно Быть Главной Целью Экономической Политики Правительства России
[Decreasing Inflation Should not Be the Main Task of the Russian Government Economic Policy]

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  • Polterovich, Victor

Abstract

If imperfect market institutions prevail in a country and inflation amounts to about 10% then efforts directed to further inflation decrease would probably hamper economic growth. To substantiate this thesis, I make references on opinions of well-known economists, discuss results of recent empirical research, and analyze peculiarities of modern economic situation in Russia. Arguments in favor of active policy to stimulate economic development are adduced.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22064.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:22064

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Keywords: inflation; economic growth; Russia;

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  1. Max Gillman & Anton Nakov, 2004. "Granger causality of the inflation-growth mirror in accession countries," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 12(4), pages 653-681, December.
  2. Bruno, Michael & Easterly, William, 1995. "Inflation crises and long-run growth," Policy Research Working Paper Series 1517, The World Bank.
  3. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 11(2), pages 97-116, Spring.
  4. Max Gillman & Mark N. Harris, 2004. "Inflation, Financial Development and Growth in Transition Countries," Monash Econometrics and Business Statistics Working Papers, Monash University, Department of Econometrics and Business Statistics 23/04, Monash University, Department of Econometrics and Business Statistics.
  5. Bullard, James & Keating, John W., 1995. "The long-run relationship between inflation and output in postwar economies," Journal of Monetary Economics, Elsevier, Elsevier, vol. 36(3), pages 477-496, December.
  6. Ardeshir Sepehri & Saeed Moshiri, 2004. "Inflation-Growth Profiles Across Countries: Evidence from Developing and Developed Countries," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 18(2), pages 191-207.
  7. Steinar Holden, 2004. "The Costs of Price Stability: Downward Nominal Wage Rigidity in Europe," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 71(281), pages 183-208, 05.
  8. Max Gillman & Mark Harris & László Mátyás, 2002. "Inflation and Growth: Some Theory and Evidence," 10th International Conference on Panel Data, Berlin, July 5-6, 2002, International Conferences on Panel Data D5-1, International Conferences on Panel Data.
  9. Driffill, John & Mizon, Grayham E. & Ulph, Alistair, 1990. "Costs of inflation," Handbook of Monetary Economics, Elsevier, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 2, chapter 19, pages 1013-1066 Elsevier.
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