Посткризисная турбулентность в условиях финансовой интеграции
Curriculum vitae of the economist and philosopher J.M. Keynes is given. Some cogitative communications with other economists-theorists are traced
New revised edition of the classical text J.M. Keynes' "The General theory of employment, interest and money " 1936
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.
The proceedings from the 15th EDAMBA conference, which took place at the University of Economics in Bratislava on 22nd November 2012 have been prepared as a joint refereed publication of participants presenting their papers at the conference. The aim of EDAMBA as an organisation is to promote the exchange of information, to enhance the mobility of PhD candidates, to promote research cooperation and to increase the quality of PhD programmes and to create an environment of excellence with a European perspective while pursuing the existing diversity.
The system of equations for average velocity and Reynolds stresses are examined supposing the smallness of diffusive, relaxation and viscous processes. Such turbulent state is named ideal. It is shown that the spectrum of turbulence has the form of spectrum of absolutely black body.
G20-B20 Dialogue should be instrumental in enhancing G20 efficiency by both responding to the business interests and concerns and engaging private sector in generating growth and jobs. B20 (G20 Business Summit) was first initiated by the Canadian Council of Chief Executives (CCCE) on the eve of the Toronto summit in June 2010. To date five B20 meetings, including the one in Toronto, have been organized each putting forward recommendations for G20 leaders: in Seoul in November 2010, in Cannes in November 2011, in Los Cabos in June 2012 and in St Petersburg in 2013.
Investment made into the dialogue by both business and governments warrants an independent unbiased and rigorous analysis of what has been achieved and what lessons should be learnt. This chapter reviews progress of G20-B20 engagement to identify achievement and challenges.
Within the framework of model calculations the possibility of occurrence of the ion-acoustic oscillation instability in a plasma without current and particle fluxes, but with an anisotropic distribution function, which corresponds to heat flux is shown. The model distribution function was selected taking into account the medium conditions. The increment of ion-acoustic oscillation is investigated as functional of the distribution function parameters. The threshold condition for the anisotropic part of the distribution function, under which the build-up of ion-acoustic oscillation with the wave vector opposite to the heat flux begins is studied. The critical heat flux, which corresponds to the threshold of ion-acoustic instability, is determined. For the solar conditions, the critical heat flux proved to be close to the heat flux from the corona into the chromosphere on the boundary of the transition region. The estimations show that outside of active regions and even in active regions with weaker magnetic fields ion-acoustic turbulence can be responsible for the formation of the sharp temperature jump. The generalized Wiedemann-Franz law for a non-isothermic quasi-neutral plasma with developed ion-acoustic turbulence is discussed. This law determines the relationship between electrical and thermal conductivities in a plasma with well-developed ion-acoustic turbulence. The anomalously low thermal conductivity responsible to the formation of high temperature gradients in the zone of the temperature jump is explained. The results are used to explain some properties of stellar atmosphere transition regions.
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.