Трунин П. В., Дробышевский С. М., Синельникова-Мурылева Е. В. и др. М.: Институт Гайдара, 2010.
Added: Mar 26, 2013
Трунин П. В., Князев Д. А., Сатдаров А. М. М.: Институт Гайдара, 2010.
Added: Mar 26, 2013
Идентификация режимов динамики валютного курса доллар–евро: подход на основе реконструкции нелинейных динамических систем
Камротов М. В. Вопросы экономики. 2010. № 12. С. 82-98.
Added: Sep 30, 2012
Хасянова С. Ю., Потапов Д. В. В кн.: Современные проблемы в области экономики, менеджмента, бизнес-информатики, юриспруденции и социально- гуманитарных наук. Материалы IV научно- практической конференции студентов и преподавателей НФ ГУ-ВШЭ. Н. Новгород: Нижегородский государственный технический университет им. Р.Е. Алексеева, 2006. С. 57-60.
Added: Dec 16, 2012
Могилат А. Н., Ачкасов Ю. К., Климовец А. В. и др. Вопросы экономики. 2016. № 5.
Added: May 14, 2016
Щукина Л. Б. В кн.: . Гл. Кейс 27. С. 188-211.
Added: May 21, 2013
Кузнецова М. Н. В кн.: Homo Loquens: Актуальные вопросы лингвистики и методики преподавания иностранных языков (2012). Вып. 4. СПб.: Отдел оперативной полиграфии НИУ ВШЭ, 2012. С. 356-364.
Added: Nov 16, 2012
Борзых (Зюзина) О. А. Количественный анализ в экономике. WP2. Высшая школа экономики, 2016. № WP2/2016/02.
The aim of this paper is to reveal the main features of the bank lending channel in the Russian economy. Having the answer to this question is important for increasing the efficiency of monetary policy because it will allow to evaluate the extent to which monetary policy impulses affect bank loans that are one of the main source of investments in Russia. The methodology is based on [Kashyap, Stein, 2000]. We analyze monthly data on the individual Russian banks’ balance sheets over the period 2010-2014. In order to take into account considerable differences between different groups of the Russian banks we divide our sample into groups according to their ownership structure, value of net assets, and their main activities. We also address a heterogeneity in the period of time we study. It is shown that there exists a relationship between liquidity level of the Russian banks’ balance sheets, their lending policy and monetary policy impulses depending on the banks’ characteristics and the period of time. We find liquidity “anti-effect” for the big Russian banks during the structural liquidity deficit period: the more liquid their balance sheets, the more these banks substitute corporate loans with liquid assets purchases under conditions of contractionary monetary policy regime. For some groups of medium and small banks that prefer to maintain the volume of corporate loans by selling liquid assets we justify the “classical” Kashyap and Stein liquidity effect. We also find some groups of medium and small banks through which bank lending channel did not work during the period of time we analyze.
Added: Nov 14, 2016
Zamulin O. A., Sosunov K. A. Научные труды ЦЭФИР и РЭШ. WP101-1. ЦЭФИР и РЭШ, 2007. No. 101.
The paper studies monetary policy in an economy, in which the manufacturing sector is ousted completely by the presence of a large natural resource industry. Thus, the economy produces only non-tradable goods, which can complement or substitute imported goods, and the primary shock to the economy comes from the ”uctuations in the world price of the exported commodity. A model of such an economy is calibrated using parameters relevant for Russia, which is an example of an economy sick with Dutch Disease, and several conventional policy rules are considered. It is shown that in absence of a well-functioning “scal stabilization fund, it may be optimal for monetary authorities to respond to the real exchange rate, as the Bank of Russia allegedly does, using purchases of foreign reserves as the policy instrument. The logic of these actions is to replace the absent “scal stabilization policy. In case monetary policy is conducted using an interest rate instrument, there should be no reaction to the real exchange rate and only slight one - to intiation.
Added: Apr 22, 2013
Трунин П. В., Дробышевский С. М., Евдокимова Т. В. М.: Издательский дом «Дело» РАНХиГС, 2012.
Added: Mar 26, 2013
Влияние асимметричной жесткости цен на денежно-кредитную политику в открытой экономике и эмпирический анализ для ряда стран
Dobrynskaya V. V. Исследования по экономике и финансам. WP9. Высшая школа экономики, 2008. No. 02.
We build a New Keynesian model of a small open economy and analyze the optimal monetary policy assuming symmetric and asymmetric price rigidity. We find that, in the presence of asymmetric price rigidity, inflationary and deflationary shocks should be treated asymmetrically, and the optimal direction of the asymmetry depends on the price rigidity and the social preferences. In particular, if prices are sufficiently flexible and/or the output gap is not very important (e.g. strict inflation targeting), then inflationary shocks should be contracted more severely than deflationary ones of the same size should be accommodated. But in the opposite case the optimal asymmetry is reversed. We test the predictions of our model for a set of developed countries, concentrating on the exchange rate policy. We find that the exchange rate plays a significant role in the monetary policy in most countries, and we find some evidence of the asymmetry which is in line with inflation targeting according to our model.
Added: Mar 18, 2013
Ерахтина О. С. Законы России: опыт, анализ, практика. 2008. № 3. С. 86-89.
Added: Oct 4, 2012