1998. vol. 2. No. 1

The article discusses the model of stochastic dynamics of public debt and seniorage for highly asymmetric financial market of a transition economy. Macroeconomic policy of debt stabilization is considered as an option, the implementation of which takes place at the point of a reflective barrier. When it is reached, the amount of real money emission provides the optimal value of the expected present value of the debt. For the reflective barrier, the debt market is balanced, with the optimal option price positive and maximum for the government, and zero for private investors who fully pay for the policy of stabilizing public debt.

The paper analyzes the accuracy of measuring the growth of Russian consumer prices by consumer price indices (CPI) of the state statistics Committee of Russia, first of all, the possibility of bias in them. It is shown that due to objective reasons, the accuracy of measuring the growth of Russian consumer prices during the period of economic reforms is low, which should be taken into account when using the CPI of Goskomstat. It is also shown that some features of the Goskomstat method can lead, and most likely lead, to a significant overestimation of the price increase in 1992-1993 by the Goskomstat. In this case, the dynamics of all Russian indicators in comparable prices obtained using the CPI of Goskomstat needs to be clarified in favor of significantly less pessimistic estimates of their changes after price liberalization. Recommendations on modification of the CPI calculation method to eliminate the detected displacements are formulated.

In recent years, commercial banks have been exchanging data on their policies regarding attracting and placing funds, using various financial instruments, and working with clients. We also assess the possibilities of working in the financial market, expanding the scope of banks ' activities, and increasing their potential. Starting from the end of 1993 and ending in 1996, the Bank of Russia conducted surveys of its territorial institutions and commercial banks within the framework of the research program "Monitoring of banking policy". As of January 1, 1997, 250 Respondent banks and 65 territorial institutions of the Central Bank of the Russian Federation took part in them. The data obtained reflect the activities of more than 8000 credit institutions operating in Russia. The surveys were conducted by the main departments of the Central Bank of the Russian Federation and national banks of the republics within the Russian Federation. Data exchange between banks and the Central Bank of the Russian Federation was carried out via e-mail. 
As an information base, the article uses data published in the collections of the Central Bank of the Russian Federation "Monitoring of banking policy" for 1993-1996, as well as data published in the reports of the State Committee on statistics of the Russian Federation "Socio-economic situation of Russia" for 1996-1997.

The journal continues to publish a series of lectures on national accounts, a complex macroeconomic model that forms the basis of economic statistics in most market economies. The system of national accounts is being implemented in Russia. The lectures touch upon the methodological problems of building national accounts, as well as some practical issues.