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Macroeconomic Preconditions of the Realization of a New Growth Model

Author

Listed:
  • 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

Suggested Citation

  • Sergey Drobyshevsky & Sergey Sinelnikov-Murylev, 2013. "Macroeconomic Preconditions of the Realization of a New Growth Model," CASE Network Studies and Analyses 0450, CASE-Center for Social and Economic Research.
  • Handle: RePEc:sec:cnstan:0450
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    File URL: http://www.case-research.eu/sites/default/files/publications/CNSA_2012_450.pdf
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    Keywords

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

    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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