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Regular version of the site

Russian Economic Growth and Inflation in the Context of the World Financial Crisis

2009

This work is the latest in a series of studies carried out by the Laboratory for Inflation Problems and Economic Growth Research over a number of years. The object of the study is Russian economy.The aim of the work is to study economic growth and inflation processes in the Russian economy in the context of the world financial crisis.

As part of the project:

  • Preferences of the Bank of Russia were analyzed;
  • Inertia of Russian inflation was studied;
  • The inflation and monetary policies of the Bank of Russia were analyzed;
  • The presence in Russia of the Neo-Keynesian Philips curve was studied;
  • Russian inflation was studied by using an extraction of stochastic trends;
  • Work was done on bringing the Russian system of national accounts on the level of types of activity closer to international standards and the requirements of the EU-KLEMS project;
  • Development of statistical databases for fundamental research at the HSE was considered.

Any analysis of macroeconomic dynamics implies the study of inflation and economic growth. The importance of such macroeconomic studies grows considerably during crisis periods. Investigation of the world economic crisis’s influence over Russian economy becomes very important, and particularly, over the specifics of the inflation processes, the dynamics and structure of the production, and the situation of the financial system.

This research consists of three interconnected parts:

  • The academic part, which involves fundamental research, the results of which are published in academic journals, following all necessary discussions at seminars and conferences and publications of working papers;
  • The applied part, which is based on the results of academic research and involves some works for governmental bodies, resulting in recommendations on key issues of economic policy and statistical methodology;
  • The pedagogical part, which includes the involvement of students and young teachers in research.

Organizationally, this study consisted of three key directions: the study of inflation problems and economic growth in the context of the world financial crisis; the development of the Russian part of the KLEMS project; the development of the http://stat.hse.ru information resource and educational software.

The results of the work can be used in the development of economic policy measures as well as in the educational process.