Empirical assessment of the role of economic analysis in the Russian antitrust: Why is economic analysis used?
Economic analysis is an important tool for the modern antitrust. This article provides an empirical study of its role in the Russian antitrust law enforcement practice in order to answer the following question: Has the understanding of the usefulness and importance of economic analysis in the Russian antitrust been achieved, or has economic analysis been applied formally? The study is based on the sample of official records on published decisions by the Supreme Court of Arbitration of the Russian Federation, created specifically for this research.
The third topic of the lecture course «Firm-Level Empirical Surveys: Tools and Practice» is presented in this issue. The topic «Qualitative information: tools for collection and analysis of data» includes two lectures and describes existing methodology and application of qualitative research to firms behavior studies: in-depth interviews, case-studies and focus groups. Special attention is paid to organization of an empirical survey as a set of in-depth interviews with top-managers of enterprises including methodology, field-work procedures and questionnaires. Limitations and advantages of top-managers interviewing as a tool of collecting qualitative information and its possible distortion are discussed.
In this paper we present an application of the model of Intellectual Capital to the world of the very rich and millionaires. It Is, we believe an important research topic, because in the last decade inequality grew, and Intellectual Capital became the most important economic asset. But no empirical studies exist to link the two phenomena. We applied our model to a set of football coaches, football being an industry that produces outlying incomes. We estimated the relation between a set of intellectual capital characteristics of those coaches and their incomes. We found that indeed, IC explains almost two thirds (63%) of the evolution of the very big salaries of those very rich people. Even if those results are interesting, and give an indication of the influence of IC in the success of rich people, they are only limited to a small sample of persons. Anyway, from our research we may infer that IC (social capital, human capital, and structural capital) plays a major role in defining the wealth of the top earners in the world. From this we may conclude that a policy of inequality reduction should take into account that intangible assets are at the base of those persons wealth. The study is original, because at least for our knowledge, It is the first in which the relation between IC and the wealth of millionaires has been tested. We hope to enlarge the study in the future in order to include the phenomenon of billionaires, as well.
Topic 2. Formalized surveys of enterprises top-managers: a tool for evaluations based on qualitative information The second topic of the lecture course «Firm-level Empirical Surveys: Tools and Practice» is presented in this issue. The topic describes possibilities and practice of application of formalized top-managers surveys to studies of enterprises economic behavior. The main attention is focused on development of surveys methodology and tools, and technology of their conducting. Limitations and advantages of surveys and distortion of their data characterizing enterprises state behavior are discussed.
The welfare analysis of the monetary policy has been in the centre of macroeconomics since the Great Depression. Empirical observations of the Phillips curve suggest that prices are sticky in the short run and, therefore, the monetary policy may be used to smooth the business cycle and increase social welfare.
In an open economy where foreign shocks may be passed into the domestic economy the task of the monetary policy becomes even more complicated. Under high pass-through of exchange rate onto the domestic prices, monetary policy stops to be independent and should adjust to exchange rate shocks. Such a policy of smoothing exchange rate fluctuations is common in western economies (e.g. [Parsley, Popper, 1998]).
The problem of optimal monetary policy is extremely relevant for Russia. Although the monetary authority claims that inflation targeting is the main goal of the monetary policy, empirical finding suggest that the real exchange rate targeting is of major importance [Vdovichenko, Voronina, 2004]. Due to the rising flow of petrodollars, Rouble is experiencing significant real appreciation recently. But the fear to loose exports makes the monetary authority respond to this real appreciation by accumulating dollar reserves and increasing the money supply, thus preventing the nominal appreciation. Such policy leads to high inflation and benefits of some interested groups at the expense of others. That is why the optimal degree of intervention is in the centre of all political and economic discussions nowadays.
Recent empirical literature finds that prices are more sticky downwards than upwards. This effect it called «asymmetric price rigidity» and may result from money illusion of workers, collusive behaviour of firms or search behaviour of consumers. Therefore, in this paper we propose a model in which we assume downward price rigidity and determine the optimal monetary policy in case of positive and negative exchange rate shocks. We claim that while depreciation of the domestic currency should be accompanied by a significant rise in the interest rate, its appreciation of the same size should be accompanied by a much smaller cut in the interest rate. Then we test this claim on the Russian data.