Optimal economic policy and oil proces shocks in Russia

Optimal economic policy and oil proces shocks in Russia / Roman Semko. Economics Education and Research Consortium, 2013, 53 p. (Working paper No 13/03E)

http://d.repec.org/n?u=RePEc:eer:wpalle:13/03e&r=ene

Abstract :

The goal of the paper is to explain and analyze whether Central Bank of Russia should include commodity prices into the lists of variables they try to respond. We augmented New Keynesian DSGE small open economy model of Dib (2008) with the oil stabilization fund and new Taylortype monetary policy rule and estimated the model using Bayesian econometrics. The results show that Central Bank’s mild response to the oil price changes may be desired in terms of minimizing fluctuations of inflation and output only in the case when stabilization fund would be absent, while this response is redundant when “excess” oil revenues can be saved in the fund.



Citer ce billet
Danièle Revel (2013, 3 avril). Optimal economic policy and oil proces shocks in Russia. Veille énergie climat. Consulté le 19 mai 2024, à l’adresse https://doi.org/10.58079/oa8a

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