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Финансовый кризис и политика Центрального Банка
Журнал институциональных исследований. 2011. Т. 3. № 4. С. 27–33.
The purpose of this paper is to examine the impact of the global financial crisis on the Central Bank, the key institutions of the financial sector. This paper deals with the major changes the functioning of this institution in modern conditions, reveals mechanism of the unconventional monetary policy in the liquidity trap.
Ustyuzhanin V., / Series Econometrics "arxiv". 2026.
This paper proposes Covariate-Balanced Weighted Stacked Difference-in-Differences (CBWSDID), a design-based extension of weighted stacked DID for settings in which untreated trends may be conditionally rather than unconditionally parallel. The estimator separates within-subexperiment design adjustment from across-subexperiment aggregation: matching or weighting improves treated-control comparability within each stacked subexperiment, while the corrective stacked weights of Wing et ...
Added: April 3, 2026
Vorchik A., / Social Science Research Network. Серия SSRN Working Paper Series "SSRN Working Paper Series". 2026.
This article is devoted to the phenomenon of intrinsic motivation, to understand which two models are proposed. We study how positive/negative intrinsic motivation to work (experienced utility) affects worker's individual labour supply (model I) and the amount of effort they exert (model II). In model I, we use intrinsic motivation to explain the positive/negative slope ...
Added: March 15, 2026
Vorchik A., Мамышев М. А., / Series Social Science Research Network "Social Science Research Network". 2025.
In this paper, we develop a formal mathematical model aimed to explain the Dunning-Kruger effect that beginners systematically overestimate their own competence in various fields of knowledge and activity. We argue that the Dunning-Kruger effect arises from the emotional nature of confidence combined with unknown unknowns that it simply can not take into account due ...
Added: February 11, 2026
Musaev A. U., Vorchik A., / Series Social Science Research Network "Social Science Research Network". 2026.
This paper attempts to model the evolutionary theory of modernization and democratization. The model reflects the key provisions of R. Inglehart and C. Welzel's theory and provides a microfoundation for the adaptation of subjective values to the objective importances of the survival factors and the structure of the labour markets from the perspective of evolutionary ...
Added: February 10, 2026
Antsygina A., Teteryatnikova M., Tremewan J. C. et al., / Series "SSRN Working Paper Series". 2025.
Many competitive environments allow for a third party to be indirectly involved by supporting one or both sides in the conflict. Such support can come from trade partners, colleagues, or allies, who can in turn benefit from a supported party's success. We use theory and an experiment to investigate how support relationships develop endogenously in ...
Added: January 31, 2026
Akhmedova A., / Series "SSRN Working Paper Series". 2026.
The study explores a psychological phenomenon of inaction inertia-avoiding action after missing a more favourable opportunity. Unlike action inertia (e.g.,sunk costs effect), inaction inertia has been less studied, particularly in economic contexts. Considering the reference dependent nature of the phenomenon, I build on the work of Kőszegi and Rabin (2006) to examine how past experiences ...
Added: January 23, 2026
Kuchumova (Paramonova) Y. A., Ozhegova A., Зорина К. С., / Series SSRN "Available at SSRN 6108727". 2026.
Simplified tax regimes with explicit eligibility thresholds are a common tool which reduces tax burden but distorts firms’ behavior, creating local bunching just below the threshold. However, we show that when firms have access to business splitting their responses extend far beyond the local margin. Our model demonstrates that splitting reduces local bunching but amplifies ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., Кумачева С. Ш., / Series SSRN "Available at SSRN 5312100". 2025.
In recent years, an emerging body of empirical research has shown that tax audits, in addition to recovering unpaid taxes (direct effect), increase future tax compliance (indirect or dynamic effect). This literature also suggests that updating expectations induced by audit experience plays an important role in explaining this indirect effect. However, exactly how taxpayers form ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., / Series SSRN "Available at SSRN 5277500". 2025.
While the emerging empirical literature shows that collateral tax sanctions (CTSs) - such as driver’s license suspensions or passport denials - appear to be effective instruments to enforce tax debt collection, there are still few theoretical arguments to explain why. In this paper, I model enforcement of tax debt collection and provide a new rationale for why it could ...
Added: January 21, 2026
Dobrynskaya V. V., Tomtosov A., Речмедина С., / NRU HSE. Series WP BRP 60/FE/2017 "SERIES: FINANCIAL ECONOMICS". 2025.
We study the application of factor investing in the market for real estate (REITs). The analysis of traditional factor strategies, such as momentum, value, size and profitability, reveals their unstable and atypical behavior in comparison to the equity market, however, there is a strong momentum effect in the factor strategies. We propose a new dynamic ...
Added: January 21, 2026
Besstremyannaya G., Bakshuk M., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
В данной статье рассматривается реакция российских предприятий обрабатывающей промышленности на ужесточение экономических санкций с акцентом на период после 2022 года. Хотя санкции в целом негативно сказываются на экономическом росте и эффективности деятельности компаний, есть некоторые свидетельства того, что они также могут подталкивать компании к инновациям, а негативный эффект преодолевается при помощи адаптации компании. Исследование заполняет ...
Added: December 31, 2025
Besstremyannaya G., Новикова В., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
Защита прав интеллектуальной собственности является движущей
силой для формирования стимулов инновационной активности
предприятий. Законодательное закрепление правил пользования
результатами интеллектуальной деятельности и обеспечение их соблюдения
позволяет поддерживать баланс интересов создателей и пользователей
интеллектуальной
собственности.
Целью
проанализировать недостаточно изученную для регионов России связь
между экономическим ростом и защитой прав интеллектуальной
собственности с использованием двухшаговой регрессии. Результаты
моделирования оказались неоднозначными, однако, было доказано наличие
значимой связи между защитой прав интеллектуальной ...
Added: December 31, 2025
Meissner D., Salati Marcondes de Moraes G. H., Brandão Fischer B. et al., / NRU Higher School of Economics. Series WP BRP "Science, Technology and Innovation". 2025. No. WP BRP /STI/2025.
Innovation has long been at the center of debates in economics, management, and organizational studies. However, innovation is never free of uncertainty and risk. Every act of innovation implies a departure from established paths and a willingness to embrace the unknown. From the beginning it's never clear if there is an audience which appreciates the ...
Added: November 28, 2025
Shchiptsova A., Obersteiner M., / Series General Economics "arxiv.org". 2025.
The addition of phosphorus, in the form of mineral fertilizer, becomes necessary in most agricultural soils in order to achieve consistent high yield levels of intensive farming and maintain soil fertility. Recent consolidation of phosphate fertilizer industry has transformed fragmented trade into a single integrated global network, where a small group of large-scale companies dominates ...
Added: November 21, 2025
Choi S., Phiri A., Teplova T. et al., International Review of Economics and Finance 2024 Vol. 91 P. 348–363
Using the spillover index, we investigated the relationship between Islamic equity markets and unconventional monetary policy(UMP) in five advanced economies. We documented that the spillovers among equity markets (“intraconnectedness”) are stronger than the spillovers among equity markets and monetary policy (“interconnectedness”), based on a static analysis of both returns and volatility. Second, the time-varying total ...
Added: April 27, 2024
Arkhipov A. V., Емельянов А. А., Сторожук В. В., Вопросы инновационной экономики 2022 Т. 12 № 4 С. 2649–2668
Для борьбы с последствиями глобального финансового кризиса 2008 г. многие центральные банки начали переходить к использованию инструментов нетрадиционной монетарной политики. Наиболее дискуссионным инструментом стала политика отрицательных процентных ставок, которая противоречила
теоретическим представлениям о природе процентных ставок. В статье исследуется вопрос нарушения
принципа паритета процентных ставок в контексте нетрадиционной монетарной политики и, прежде
всего, политики отрицательных процентных ставок. В ...
Added: April 1, 2024
Dzhagityan E. P., Mukhametov O., Вопросы экономики 2023 № 12 С. 86–102
Systemic risks in the framework of central banks’ unconventional monetary policy (UMP) have so far received little attention in the extant economic literature. Based on evidence from the UMP of the European Central Bank (ECB), we analyze systemic risks stemming from the difference between materialized systemic risks (financial stress) and their potential level (expected capital ...
Added: November 12, 2023
Dajčman S., Kavkler A., Merzlyakov S. et al., Journal of Central Banking Theory and Practice 2022 Vol. 11 No. 1 P. 227–247
This paper studies the international transmission of the
euro area´s monetary policy and financial stress to Russia. The results
show that financial stress in the euro area damages Russian
economic activity and stock prices, but not its trade balance. The
contractionary euro area monetary policy shock decreases Russian
GDP, leads to real appreciation of the euro against the Russian rouble,
damages ...
Added: September 7, 2022
Mukhametov O., , in: Proceedings of the Research Technologies of Pandemic Coronavirus Impact (RTCOV 2020).: Atlantis Press, 2020. P. 388–396.
After the announcement of the COVID-19 pandemic the volatility in financial markets has increased significantly, which has caused the intensification of the systemic financial stress in the EU countries. European central bank (ECB) has taken several measures, including expanding asset purchase programs to mitigate the negative effects of the coronavirus crisis. The significant increase in ...
Added: September 13, 2021
Merzlyakov S., Kuznetsova O., Pekarski S. E., Russian Journal of Economics 2019 Vol. 5 No. 2 P. 117–135
The global financial crisis of 2007–2009 has changed the landscape for monetary policy. Many central banks in developed economies had to employ various unconventional policy tools to overcome a liquidity trap. These included large-scale asset purchase programs, forward guidance and negative interest rate policies. While recently, some central banks were able to return to conventional ...
Added: June 8, 2021
Dabrowski M., Accounting, Economics, and Law: A Convivium (De Gruyter) 2021 Vol. 11 P. 1–47
Two major economic crises in the early twenty-first century have had a serious impact on monetary policy and CB independence. Disruption in financial intermediation and associated deflationary pressures caused by the global
financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed central banks (CBs) in major currency areas towards adoption of unconventional monetary policy ...
Added: May 20, 2021
Dabrowski M., Dominguez-Jimenez M., / Series Bruegel blog "Bruegel blog". 2020.
Central banks in emerging markets with weak currencies should not resort to unorthodox monetary tools such as quantitative easing as a response to the crisis triggered by COVID-19. Preferable alternatives include shifting public spending away from less pressing needs, moderately increasing public debt and falling back on official development assistance. ...
Added: October 29, 2020
Kuznetsova O., Merzlyakov S., Pekarski S. E., Вопросы экономики 2019 № 6 С. 56–78
In the aftermath of 2007—2009 global financial crisis, many economies had stuck in a liquidity trap. This stance forced central banks to implement various unconventional monetary policies, including massive purchases of financial assets, cutting policy rates down into the negative zone and reliance on forward guidance. In this paper we critically discuss these policy measures. ...
Added: July 15, 2019
Myasnikov A., В кн.: Макроэкономика: учебник.: М.: Российский экономический университет им. Г.В. Плеханова, 2016. С. 228–284.
Глава посвящена описанию функционирования экономики в краткосрочном периоде. Для простоты предполагается, что страна не торгует с внешним миром, т.е. является закрытой экономикой. Рассматривается кейнсианская модель совместного равновесия на рынках благ и денег, которая объясняет, каким образом в экономике устанавливаются равновесные уровни процентной ставки и ВВП, а также как они взаимодействуют друг с другом. Глава завершается ...
Added: April 5, 2019