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Macroeconomic Preconditions of the Realization of a New Growth Model

Sergey Drobyshevsky and Sergey Sinelnikov-Murylev

No 450, CASE Network Studies and Analyses from CASE-Center for Social and Economic Research

Abstract: The model of the Russian economy that was formed in the 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 under its direct control, i.e. the budgetary and monetary policies. In the budgetary policy we consider the advantages and drawbacks of a “New Budget Rule”, which is based on the long-term average price of oil. In the monetary sphere, we vote for a policy of transition to inflation targeting and prioritizing low inflation against the other goals of the monetary authorities

Keywords: Macroeconomics and macroeconomic policy; Eastern Europe; Caucasus and Central Asia; monetary policy; Russia (search for similar items in EconPapers)
JEL-codes: E52 E62 H62 Q43 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2013-01
New Economics Papers: this item is included in nep-age, nep-eur, nep-hea and nep-tra
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Related works:
Journal Article: Macroeconomic Preconditions of Realization of a New Growth Model (2012)
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