Macroeconomic Preconditions of the Realization of a New Growth Model

The model of the Russian economy that was formed in the 2000s does not match a new stable growth path, though it helped to calmly overcome the crisis of 2008 and 2009. The state needs to provide stability in the fields under its direct control, i.e. the budgetary and monetary policies. In the budget...

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Bibliographic Details
Published in:Policy File 2013
Main Authors: Drobyshevsky, Sergey, Sinelnikov-Murylev, Sergey
Format: Report
Language:English
Subjects:
Center for Social and Economic Research
Economic policy
Online Access:Request full text
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Summary:The model of the Russian economy that was formed in the 2000s does not match a new stable growth path, though it helped to calmly overcome the crisis of 2008 and 2009. The state needs to provide stability in the fields under its direct control, i.e. the budgetary and monetary policies. In the budgetary policy we consider the advantages and drawbacks of a "New Budget Rule", which is based on the long-term average price of oil. In the monetary sphere, we vote for a policy of transition to inflation targeting and prioritizing low inflation against the other goals of the monetary authorities.