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Developing a Dynamic Stochastic Model of General Equilibrium for the Russian Economy

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  • Andrei Polbin

    (Gaidar Institute for Economic Policy)

  • Sergey Drobyshevsky

    (Gaidar Institute for Economic Policy)

Abstract

This paper describes a dynamic stochastic general equilibrium (DSGE) model for the Russian economy. It takes into account a high dependence of the national economy on the oil export. The model consists of three production sectors: tradable and non-tradable sectors and oil extraction sector. Oil is exported and used as an input in tradable and non-tradable sectors. As an application of the calibrated model we analyze the macroeconomic effects of structural shocks that are popular in the literature and actual for the Russian economy including oil price shocks.

Suggested Citation

  • Andrei Polbin & Sergey Drobyshevsky, 2014. "Developing a Dynamic Stochastic Model of General Equilibrium for the Russian Economy," Research Paper Series, Gaidar Institute for Economic Policy, issue 166P, pages 156-156.
  • Handle: RePEc:gai:rpaper:124
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    Keywords

    Russian economy; stochastic model of general equilibrium.;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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