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Macroeconomic Preconditions of Realization of a New Growth Model

Sergey Drobyshevsky and Sergey 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.

Keywords: macroeconomic stability; budget rule; commodity revenues management; inflation targeting. (search for similar items in EconPapers)
JEL-codes: E52 E62 H62 Q43 (search for similar items in EconPapers)
Date: 2012
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Working Paper: Macroeconomic Preconditions of the Realization of a New Growth Model (2013) Downloads
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