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Macroeconomic Preconditions of Realization of a New Growth Model

Author

Listed:
  • S. Drobyshevsky
  • S. Sinelnikov-Murylev.

Abstract

The model of the Russian economy that was formed in 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 being under its direct control: in the budget and monetary policy. In the budget policy we consider advantages and drawbacks of a "New Budget Rule", which is based on long-term average price of oil. In the monetary sphere we vote for the policy of transition to inflation targeting and priority of low inflation against other goals of monetary authorities.

Suggested Citation

  • S. Drobyshevsky & S. Sinelnikov-Murylev., 2012. "Macroeconomic Preconditions of Realization of a New Growth Model," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 9.
  • Handle: RePEc:nos:voprec:2012-09-1
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    Citations

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    Cited by:

    1. Drobyshevsky, S. & Trunin, P., 2014. "The Evolution of Theory and Practice of Monetary Policy as a Result of the Global Economic Crisis," Journal of the New Economic Association, New Economic Association, vol. 24(4), pages 141-158.
    2. Zubarev, Andrei & Trunin, Pavel, 2013. "The Feldstein-Horioka paradox: modern aspects," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 54-73, August.
    3. Frenkel, Alexander & Sergienko, Yakov & Tikhomirov, Boris & Roshina, Lyudmila, 2015. "The Russian economy under the circumstances of crisis," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 113-155.
    4. repec:eee:rujoec:v:1:y:2015:i:3:p:257-272 is not listed on IDEAS
    5. Frenkel, Alexander & Sergienko, Yakov & Tichomirov, Boris & Roshchina, Ludmila, 2016. "The Russian Economy in 2015–2017," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 198-233, October.
    6. Idrisov, Georgiy & Kazakova, Maria & Polbin, Andrey, 2014. "The theoretical interpretation of the effect of oil prices on economic growth in modern Russia," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, October.
    7. Sergey Sinelnikov-Murylev & Sergey Drobyshevsky & Maria Kazakova & Michael Alexeev, 2016. "Decomposition of Russia's GDP Growth Rates," Research Paper Series, Gaidar Institute for Economic Policy, issue 167P, pages 123-123.
    8. Georgy Idrisov, 2016. "Towards modern industrial policy for Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 169P, pages 157-157.
    9. Sinelnikov-Murylev, Sergei & Drobyshevskiy, Sergei & Kazakova, Maria, 2014. "Decomposition of the russian GDP growth rate in 1999-2014," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 7-37, October.

    More about this item

    Keywords

    macroeconomic stability; budget rule; commodity revenues management; inflation targeting.;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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