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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 ()
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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
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DOI: 10.1134/S1075700722010038

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