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Construction of a Dynamic Stochastic General Equilibrium Model of an Economy with a High Dependence on Oil Exports

Author

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  • Polbin, Andrey

    (RANEPA)

Abstract

This paper describes a dynamic stochastic general equilibrium (DSGE) model for a small open economy with high dependence on oil export. Model consists of three production sectors: tradable and non-tradable sectors and oil extraction sector. Oil is exported and is used as an intermediate input in tradable and non-tradable sectors. The model also assumes the existence of nominal and real rigidities commonly used in the literature: sticky nominal prices and wages, habits in consumption, costs of adjusting the capital stock and costs of adjusting the utilization rate of the capital. As a practical application of the calibrated model we analyze the effect of oil price shocks.

Suggested Citation

  • Polbin, Andrey, "undated". "Construction of a Dynamic Stochastic General Equilibrium Model of an Economy with a High Dependence on Oil Exports," Published Papers nvg142, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:ppaper:nvg142
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    Citations

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    Cited by:

    1. Shulgin, A., 2015. "Optimization of Simple Monetary Policy Rules on the Base of Estimated DSGE-model," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 64-98.
    2. Ekaterina Pyltsyna, 2018. "The Change Of Fiscal Multiplier When Switching From Managed Exchange Rate Regime To Thefloating One," HSE Working papers WP BRP 206/EC/2018, National Research University Higher School of Economics.
    3. Leonid A. Serkov, 2018. "The External and Internal Shocks' Impact on Macroeconomic Indicators of a Region," Journal of New Economy, Ural State University of Economics, vol. 19(4), pages 45-63, August.

    More about this item

    Keywords

    DSGE; oil export; resources; economy;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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