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

Andrey Polbin and Sergey Drobyshevsky

Research Paper Series, 2014, issue 166P, 156 pages

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.

Keywords: Russian economy; stochastic model of general equilibrium. (search for similar items in EconPapers)
JEL-codes: C61 C63 E32 E37 E40 E47 F41 (search for similar items in EconPapers)
Date: 2014
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