Особенности динамики потребления в моделях общего равновесия: роль привычек в потреблении
Importance In this paper we analyse the importance of accounting for the consumption habits in the general equilibrium model of the Russian economy.
Objectives The purpose of the research is to identify the impact of the consumption habits to the dynamics of the main macroeconomic variables of general equilibrium models. Nowadays Russian authors use consumption habits of households in the dynamic stochastic general equilibrium models, however, there is still no empirical evidence of this phenomenon for the Russian economy.
Methods Consumption habits suggest that consumption level is not significant by itself, it is compared with the benchmark consumption level: the previous consumption of a particular individual or aggregate past consumption. Thus, the utility function of an individual is formed in two specifications: with the habit formation and without. On the basis of the dynamic stochastic general equilibrium model (DSGE) by F. Smets and R. Wouters we analyze the dynamics of the model in two specifications under shocks. We compare impulse response functions for the main macroeconomic variables. Then we consider the dynamics of the real consumption of nondurables of Russian households. We use statistics of the real consumption of nondurable goods in the global financial crisis of 2008-2009 and after it.
Results The analysis shows that the initial response to shocks differs significantly: the habits cause more moderate and postponed reaction in consumption and smoother response in production. The data shows delayed reaction of real expenditures to changes in the fundamentals and slow adjustment to the new equilibrium.
Discussion Thus additional "rigidity" in the model allows to simulate lagged reaction of real variables to economic shocks.
Conclusions and Relevance The analysys shows that accounting for habit formation helps to model lagged "humpshaped" response of the real expenditures to the economic shocks, which is in general consistent with the data.
Youth are, by definition, the future. This book brings initial analyses to bear on youth in the five BRICS countries: Brazil, Russia, India, China and South Africa, which are home to nearly half of the world's youth. Very little is known about these youth outside of their own countries since the mainstream views on "youth" and "youth culture" are derived from the available literature on youth in the industrialized West, which is home to a small part of the world's youth. This book aims to help fill in this gap.
The handbook examines the state of youth, their past, present and permits the development of insights about future. The BRICS countries have all engaged in development processes and some remarkable improvements in young people's lives over recent decades are documented. However, the chapters also show that these gains can be undermined by instabilities, poor decisions and external factors in those countries. Periods of economic growth, political progress, cultural opening up and subsequent reversals rearticulate differently in each society. The future of youth is sharply impacted by recent transformations of economic, political and social realities. As new opportunities emerge and the influence of tradition on youth's lifestyles weakens and as their norms and values change, the youth enter into conflict with dominant expectations and power structures.
The topics covered in the book include politics, education, health, employment, leisure, Internet, identities, inequalities and demographics. The chapters provide original insights into the development of the BRICS countries, and place the varied mechanisms of youth development in context. This handbook serves as a reference to those who are interested in having a better understanding of today's youth. Readers will become acquainted with many issues that are faced today by young people and understand that through fertile dialogues and cooperation, youth can play a role in shaping the future of the world.
Gastronomic consumption practices are one of the main ways of forming the corporeal human identity, a marker of his/her cultural and social status. Specificity of food as a material medium of symbols and signs, which are assimilate d at the level of the most direct corporeal experience, determines its consumption as a complex system of communication links. Today, the practice of food consumption in the form of fast food is especially relevant and registers new forms and ways of communication, not only gastronomic, but also reflecting power and new gender relations. It can be argued that it is in the form of fast food (Mac-food) the symbolic content of food overcame and absorbed its physical and technical aspects.
Beer was the drink of choice in many ancient societies and throughout the past centuries in large parts of the world. Right now, it is globally by far the most important alcoholic drink, in volume and value terms. The largest brewing companies have developed into global multinationals. The beer market is characterized by strong growth in emerging economies, by a substantial decline of (per capita) beer consumption in traditional markets, and a shift to new products. There has been a strong interaction between governments (politics) and markets (economics) in the beer industry. For centuries, taxes on beer or its raw materials were a major source of tax revenue for governments. Governments have also regulated the beer industry for reasons related to quality, health, and competition. The beer market is not only an interesting sector to study in itself but also yields important general economic insights. This book is the first economic analysis of the beer market and brewing industry. It comprises a comprehensive and unique set of economic research and analysis on the economics of beer and brewing. The various chapters cover economic history and development, demand and supply, trade and investment, geography and scale economies, technology and innovation, health and nutrition, quantity and quality, industrial organization and competition, taxation and regulation, and regional beer market developments.
Along with the fast growing economy, the term «BRICs» was coined to represent the newly emerging countries — Brazil, Russia, India and China. The enhanced economy in these countries has largely improved peoples life; at the same time, it has also strongly influenced the transformation of social structure, norms and values. However, as the worlds attention centers on their economic development at the micro level, the social changes at the micro level have often been neglected, and a specific comparative study of these four countries is even more rare. This handbooks contributing authors are leading sociologists in the four countries. They fill the gap in existing literature and examine specifically the changes in each society from the perspective of social stratification, with topics covering the main social classes, the inequality of education and income, and the different styles of consumption as well as the class consciousness and values. Under every topic, it gathers articles from authors of each country. Such a comparative study could not only help us achieve a better understanding of the economic growth and social development in these countries, but also lead us to unveil the mystery of how these emerging powers with dramatic differences in history, geography, culture, language, religion and politics could share a common will and take joint action. In general, the handbook takes a unique perspective to show readers that it is the profound social structural changes in these countries that determine their future, and to a large extent, will shape the socio-economic landscape of the future world.
This article addresses the questions, What do children in urban areas do on Saturdays? What type of organizational resources do they have access to? Does this vary by social class? Using diary data on children’s activities on Saturdays in the Phoenix-Mesa-Scottsdale metropolitan area, the authors describe the different types of venues (households, businesses, public space, associations, charities, congregations, and government/tribal agencies) that served different types of children. They find that the likelihood of using a charity or business rather than a government or tribal provider increased with family income. Also, the likelihood of using a congregation or a government facility rather than business, charity, or household increased with being Hispanic. The authors discuss implications for the urban division of labor on Saturdays and offer research questions that need further investigation.
According to interdisciplinary theory of architecture and sociology by A. Amin and N. Thrift, presented in their book Cities. Reimagining the Urban, the light sociality is the main way of individuals interaction in city space. In this context, consumption appears to be one of the basic forms of individuals self-expression on one hand, and on the other hand - one of the basic forms of urban communication. We deal with consumption in its general meaning - as a complex of all individuals consumption-related practices that are transparent in space of light sociality. Consumption practices become agents of light sociality, producing ambivalent encounters that emotionally affect individuals realizing those practices, and those who observe them. In this way consumption takes part in governmentality of the city spaces.
The goal of this chapter is to provide empirical evidence of the effect of differential migration strategies on poverty in Nepal. We model the effect of remittances and work migration on consumption of households with a migrants. Using the cross-sectional sample of the nationally representative Nepal Living Standart Survey of 2004, we estimate a model of household migration decisions jointly with the consumption equations by the method of full information maximum likelihood (FIML) with instrumental variables. The method takes into account unobserved household characteristics that could simultaneously affect household migration decisions and household income. We simulate counterfactual expenditure distributions to determine the effect of work-related migration on the levels of aggregate poverty and inequality in Nepal. While most of the recent papers on the effect of migration on inequality and poverty have controlled for heterogeneity and selection in terms of unobserved characteristics, to the best of our knowledge this is the first study using FIML to estimate the trivariate selection model in this context. The novelty of the study resides on separating different effects of domestic and international migration on household welfare.
The purpose of this study was to investigate consumption patterns and their association with the lifestyle characteristics of Russian households. The research based on the data of Russian Longitudinal Monitoring Survey – HSE (RLMS–HSE) was collected between 1992 and 2008. Over this period total household expenditure on food increased by 40%, while total expenditure on durables more than tripled. Consequently, the share of food expenditure dropped from 72.6% to 45% whereas the non-food expenditure share grew up from 27.4% to 55%. By 2008 the gap in consumption standards between rich and poor households had widened since well off families completely dominated in volume of non-food expenditure, services and leisure expenditure and savings. Meanwhile we can state that consumption depended heavily not only on a total household income but also on a household type and on the phase of its life circle, for example, the data clearly show that young families, single-parent families and pensioners saved up less than other families as their expenses constantly exceeded their incomes in 2008. Moreover, the level of durables consumption varied over the type of settlement. The factor analysis (the method of Principal components, Varimax rotation with Kaiser Normalization) let us define the groups of durables that differentiate the households by consumption patterns. These groups are likely to associate with highly “modernised” urban lifestyle, moderately “modernised” lifestyle, and rural lifestyle.
The paper observes the main patterns of youth consumption and leisure in contemporary Russia. It relies on the Russian Longitudinal Monitoring Survey of HSE, a set of nationally representative household-based surveys which includes data collected from 1994 to 2013. The data shows that by 2010 the level of youth consumption has risen along with the households’ overall income and expenditure. Since financial problems were alleviated, there was a redistribution of time between work and leisure, so youth turned to the active cultural consumption, including non-entertainment services. However, the total increase in products and services consumed went hand in hand with the rise of differentiation in the availability of durables, patterns of consumption and leisure practices.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.