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News
October 7, 2026
‘Our Team Consists of True Leaders in Their Respective Academic Disciplines
The HSE International Centre of Decision Choice and Analysis studies a wide range of methods for analysing decision-making and possible scenarios for the development of natural, socio-economic, and political phenomena using various mathematical models. The application of advanced mathematical methods to forecasting helps to prevent negative outcomes and avoid erroneous decisions. The HSE News Service spoke to the centre’s director, Prof. Fuad Aleskerov, about its work.
October 6, 2026
International N5 Symposium ‘Neural Networks and Nonlinearity in Nizhny Novgorod Brings Together Scientists from Russia and Serbia
The International N5 Symposium ‘Neural Networks and Nonlinearity in Nizhny Novgorod’ was held at the Nizhny Novgorod House of Scientists from September 23 to 26. The event was organised by HSE University–Nizhny Novgorod and the Nizhny Novgorod House of Scientists, with the participation of Sberbank and the Institute of Physics Belgrade. The symposium was held for the second time: the first conference took place in 2025 and attracted considerable interest from the academic community.
October 5, 2026
‘The Climate Transition Is Not Necessarily a Limitation for Business
Linara Khadimullina works in the field of low-carbon development. In an interview with the Young Scientists of HSE project, she spoke about why nature is not just a beautiful backdrop, her research on the role of sustainable corporate governance in reducing greenhouse gas emissions, and growing plants as a source of inspiration.

 

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Индексы жесткости денежно-кредитных условий для России

Вопросы экономики. 2025. № 9. С. 62–87.
Finagin M., Иногамова В. Т., Грачева А. А.

This paper develops a system for assessing the tightness of monetary conditions in Russia using monetary-conditions indices. These indices make it possible to study the pass-through of the monetary policy impulse across key channels of the transmission mechanism and to identify shocks to monetary conditions. Short-term money market rates, which are most sensitive to changes in the central bank’s policy rate, affect mediumand long-term rates to varying degrees. This heterogeneity is driven, among other factors, by expectations and sentiment of participants in financial and money markets, market volatility, fiscal policy, and external shocks. To trace the operation of the transmission mechanism, we construct indices based on a broad set of economic variables that characterize monetary conditions. The information set includes indicators reflecting price and non-price conditions, as well as survey-based measures—market participants’ assessments of current conditions. We build a system of indices to account for structural changes and to identify shocks to monetary conditions. The results align well with empirical patterns in historical data, indicating the feasibility of real-time monitoring of the tightness of monetary conditions and the impact of external shocks on their dynamics.

Research target: Economics and Management
Language: Russian
DOI
Text on another site
Keywords: монетарная политикаденежно-кредитная политикатрансмиссионный механизмметод главных компонент (МГК)TVP-FAVAR модель
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