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Can Oil Prices Explain the Real Appreciation of the Russian Ruble in 1998-2005?

Kirill Sosunov () and Oleg Zamulin ()
Additional contact information
Kirill Sosunov: Higher School of Economics
Oleg Zamulin: New Economic School

Authors registered in the RePEc Author Service: Kirill Sossounov

No w0083, Working Papers from New Economic School (NES)

Abstract: The paper investigates whether the 80% real appreciation of the Russian ruble in 1998-2005 can be explained by the increase in oil revenues in a calibrated general equilibrium model. It is shown that the oil prices alone cannot account for the appreciation with forward-looking permanent-income consumers, unless the oil price increase is assumed permanent. Accounting for the increase in the volume of oil exports, however, can help, provided that the increase is assumed to be permanent.

Keywords: Real exchange rate; Commodity prices (search for similar items in EconPapers)
JEL-codes: F31 F41 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2006-09
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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https://www.nes.ru/files/Preprints-resh/WP83Sosunov-Zamulin.pdf (application/pdf)

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