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Macroeconomic Preconditions of the Realization of a New Growth Model

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  • Sergey Drobyshevsky
  • Sergey Sinelnikov-Murylev

Abstract

The model of the Russian economy that was formed in the 2000s does not match a new stable growth path, though it helped to calmly overcome the crisis of 2008 and 2009. The state needs to provide stability in the fields under its direct control, i.e. the budgetary and monetary policies. In the budgetary policy we consider the advantages and drawbacks of a “New Budget Rule”, which is based on the long-term average price of oil. In the monetary sphere, we vote for a policy of transition to inflation targeting and prioritizing low inflation against the other goals of the monetary authorities

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Bibliographic Info

Paper provided by CASE-Center for Social and Economic Research in its series CASE Network Studies and Analyses with number 0450.

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Length: 30 pages
Date of creation: Jan 2013
Date of revision:
Handle: RePEc:sec:cnstan:0450

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Keywords: Macroeconomics and macroeconomic policy; Eastern Europe; Caucasus and Central Asia; monetary policy; Russia;

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Cited by:
  1. Georgy Idrisov & Sergey Sinelnikov-Murylev, 2013. "Budget Policy and Economic Growth," Working Papers 0076, Gaidar Institute for Economic Policy, revised 2013.

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