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Macroeconomic Preconditions of the Realization of a New Growth Model

Author

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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

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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    Cited by:

    1. 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.
    2. Idrisov, Georgy & Kazakova, Maria & Polbin, Andrey, 2015. "A theoretical interpretation of the oil prices impact on economic growth in contemporary Russia," Russian Journal of Economics, Elsevier, vol. 1(3), pages 257-272.
    3. Idrisov, Georgiy (Идрисов, Георгий) & Kazakova, Maria (Казакова, Мария) & Polbin, Andrey (Полбин, Андрей), 2014. "The theoretical interpretation of the effect of oil prices on economic growth in modern Russia
      [Теоретическая Интерпретация Влияния Нефтяных Цен На Экономический Рост В Современной России]
      ," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 150-171, October.
    4. 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.
    5. 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.
    6. Frenkel, Alexander A. (Френкель, Александр) & Sergienko, Yakov I. (Сергиенко, Яков) & Tichomirov, Boris V. (Тихомиров, Борис) & Roshchina, Ludmila S. (Рощина, Людмила), 2016. "The Russian Economy in 2015–2017
      [Российская Экономика В 2015–2017 Годах]
      ," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 198-233, October.
    7. Georgy Idrisov, 2016. "Towards modern industrial policy for Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 169P, pages 157-157.
    8. Sinelnikov-Murylev, Sergei (Синельников-Мурылев, Сергей) & Drobyshevskiy, Sergei (Дробышевский, Сергей) & Kazakova, Maria (Казакова, Мария), 2014. "Decomposition of the russian GDP growth rate in 1999-2014
      [Декомпозиция Темпов Роста Ввп России В 1999—2014 Годах]
      ," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 7-37, October.

    More about this item

    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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