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Network structure of the economy and the propagation of monetary shocks

Author

Listed:
  • Elena Deryugina

    (Bank of Russia, Russian Federation)

  • Andrey Leonidov

    (Lebedev Physical Institute, Russian Federation)

  • Alexey Ponomarenko

    (Bank of Russia, Russian Federation)

  • Stanislav Radionov

    (Lebedev Physical Institute, Russian Federation)

  • Ekaterina Vasilyeva

    (Lebedev Physical Institute, Russian Federation)

Abstract

We calibrate a network model and monetary shocks based on empirical data from inputoutput tables for the Russian economy. We examine various aspects of the propagation of monetary shocks, such as the dispersion of relative prices and the local peak values of the aggregated price index achieved during the convergence to the new equilibrium. We show that these developments depend significantly on the way new money is injected into the economy.

Suggested Citation

  • Elena Deryugina & Andrey Leonidov & Alexey Ponomarenko & Stanislav Radionov & Ekaterina Vasilyeva, 2024. "Network structure of the economy and the propagation of monetary shocks," Bank of Russia Working Paper Series wps130, Bank of Russia.
    • Handle: RePEc:bkr:wpaper:wps130
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    More about this item

    Keywords

    money supply; inflation; Cantillion effects; networks; input-output tables;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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