Макроэкономика: учебник для бакалавров
This edited volume, with contributions by area experts, offers discussions on a range of evolving topics in economics and social development. At center are important issues central to sustainable development, economic growth, technological change, the economics of climate change, commodity markets, long wave theory, non-linear dynamic models, and boom-bust cycles. This is an excellent reference for academic and professional economists interested in emerging areas of empirical macroeconomics and finance. For policy makers and curious readers alike, it is also an outstanding introduction to the economic thinking of those who seek a holistic and all-compassing approach in economic theory and policy. Looking into new data and methodology, this book offers fresh approaches in a post-crisis environment. Set in a profound understanding of the diverse currents within the many traditions of economic thought, this book pushes the established frontiers of economic thinking. It is dedicated to a leading scholar in the areas covered in this book, Willi Semmler.
The Chapter describes the concept of import substitution and the approaches of different authors to this concept. The main emphasis is on the fact that import substitution is part of the state economic policy. The historical aspects of the emergence of this concept are considered.
Curriculum vitae of the economist and philosopher J.M. Keynes is given. Some cogitative communications with other economists-theorists are traced
The article focuses on macroeconomic trends, prospects for economic growth of the Russian Federation, as well as factors affecting its change. Russian economic growth was quite high, but lower than in most of the CIS countries. The quality of economic growth, however, was low and characterized by structural imbalances, the degradation of the manufacturing industry, the lack of social orientation and negative impact on the environment. The aim of this work is to study the quantitative and qualitative characteristics of economic growth. It is noted that the possibility of inertial growth model exhausted to move towards a new model of innovation. The calculation is performed and the analysis of the true savings of the Russian Federation. Economic growth was driven primarily by market conditions and the devaluation of the ruble. The study used scientific methods of cognition: induction and deduction, the unity of the historical and logical analysis and synthesis, and the system of economic and statistical analysis.
In this paper following Ball (2012) I estimate the demand function for narrow money aggregate M1 in Russia for 2003-2012. I show that after inclusion of cash foreign exchange and relevant interest rate the money demand is stable in the long- and the short-run and estimated long-run elasticities and short-run dynamics of the money demand yields sensible values for the simple functional form. I also show that most of the short-run volatility of the money holding can be attributed to the slow speed of adjustment of the demand not to the unexplained shocks.
This paper suggests methods for analyzing the activities of certain income groups of households in the Russian Federation in the management of their savings and loans in the framework of dynamic models of rational behavior of macroeconomic agents. The statistical base of the research is the balance of incomes and expenditures of the population, obtained as a result of aggregation of the published tables by Rosstat. Models of individual income groups (heterogeneous households) are dynamic tasks of rational behavior that are similar in structure but differ in the estimated coefficients and, as a result, the reaction of income groups to the current economic policy. The latter fact makes it possible to use this model as a tool for assessing the measures taken and reforms.
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.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.