Assessing the Impact of Global Hydrocarbon Prices on the Russian Economy Based on the DSGE Model with Capital-Owning Firms

V. I. Baluta, D. N. Shul’ts and P. A. Lavrinenko ()
Additional contact information
V. I. Baluta: Russian University of Economics
D. N. Shul’ts: Infrastructure Economics Center
P. A. Lavrinenko: Institute of Economic Forecasting, Russian Academy of Sciences

Studies on Russian Economic Development, 2022, vol. 33, issue 1, 107-117

Abstract: Abstract— The article presents the results of research using the DSGE model, which includes such sectors of the economy as real sector enterprises, households, financial intermediaries, and the monetary regulator. In turn, the household sector is represented by groups of savers and borrowers. Financial intermediaries transform temporarily idle funds of households into loans to enterprises of the real sector, and financial wedges can arise in this link preventing the flow of capital. In the manufacturing sector, there are extractive industries for which the production level is set exogenously in order to adequately reflect the impact of the OPEC+ agreement. A feature of the proposed model is a firm-specific capital approach, which assumes that the owners of the fixed capital are the firms that make investment decisions. In our opinion, this little-studied class of DSGE models is more relevant to the Russian realities than traditional general equilibrium models.

Keywords: DSGE model; economic sectors; households; enterprises; financial intermediaries; sensitivity study (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1134/S1075700722010038 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sorede:v:33:y:2022:i:1:d:10.1134_s1075700722010038

Ordering information: This journal article can be ordered from
https://www.springer ... nomics/journal/11507

DOI: 10.1134/S1075700722010038

Access Statistics for this article

Studies on Russian Economic Development is currently edited by Viktor V. Ivanter, Dmitrii B. Kuvalin and Galina A. Yaremenko

More articles in Studies on Russian Economic Development from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().