Macroeconomic Modelling of Interrelations of Real and Monetary Sectors of Russian Economy

Abstract

This paper is devoted to the construction and analysis of empirical macroeconomic model of Russia during the postcrisis period. In the first part we analyze the vector error correction model that describes the most important relations in the real sector of economy. Besides, a particular attention is paid to the dependence on the parameters reflecting a conjuncture of the world markets, and also to the revealing of internal factors of economic growth. In the second part of this article we focus on the construction of the model of monetary sector. We analyze mechanisms of monetary and currency policies, the direction and efficiency of their influences on the basic macroeconomic parameters, such as GDP and inflation. It is also checked the correspondence of stabilization policy to the Government and Central Bank purposes.