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Consumption Dynamics Modeling in Economy of the Russian Federation with Heterogeneous Households

Student: Ujegov Alexei

Supervisor: Nikolay Pilnik

Faculty: Faculty of Economic Sciences

Educational Programme: Applied Economics (Master)

Year of Graduation: 2017

Current economic situation in Russia requires application of nonstandard approaches to developing public policy. It can be shown that standard macroeconomic approaches are not suitable because of their assumptions. A non-standard macroeconomic approach will be discussed in this paper. Two models are presented – an aggregate household model and heterogeneous household model. In both household is characterized by budget constraint with inclusion of various financial and investment instruments. Models are fully solved what means that final trajectories for consumption and labor are derived. A key feature of this paper is specific type of utility function that allows to estimate both consumption and labor trajectories. Some effective solutions to the problems of standard macroeconomic models are offered that give an opportunity to model precisely household behavior in the Russian economy.

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