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Evolution of Russian Macroeconomic Policy in Three Crises

Author

Listed:
  • Gurvich, E.

    (Economic Expert Group, Moscow, Russia
    Financial Research Institute, Moscow, Russia)

Abstract

The paper contains comparative analysis of macro policies carried out on the eve and in the course of the three crises episodes (1998, 2008-2009, and 2014-2015). Efficiency of alternative policies pursued in these cases is indirectly characterized by collating sizes of adverse shocks, resources used by the government and the central bank, and economic performance (primarily output decline, unemployment, etc). A brief overview of key steps in the evolution of monetary and fiscal policies implemented over the last 20 years is suggested. The author is arguing that in the first two crisis episodes main efforts were aimed at maintaining macro stability despite changes in fundamental conditions. The priority of the new macroeconomic stance, on the contrary, is finding new equilibrium adequate to the new situation. The findings of the earlier comparative analysis are used to illustrate advantages of the new approach.

Suggested Citation

  • Gurvich, E., 2016. "Evolution of Russian Macroeconomic Policy in Three Crises," Journal of the New Economic Association, New Economic Association, vol. 29(1), pages 174-181.
    • Handle: RePEc:nea:journl:y:2016:i:29:p:174-181
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    References listed on IDEAS

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    1. Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises," Research Department Publications 4474, Inter-American Development Bank, Research Department.
    2. Gurvich, E. & Prilepskiy, I., 2010. "What Determined the Depth of Recession?," Journal of the New Economic Association, New Economic Association, issue 8, pages 55-79.
    3. E. Gurvich & I. Prilepskiy., 2016. "The impact of financial sanctions on the Russian economy," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
    4. E. Gurvich & I. Belyakov & I. Prilepskiy., 2015. "Oil Supercycle and Fiscal Policy," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 9.
    5. Jouko Rautava, 2013. "Oil Prices, Excess Uncertainty and Trend Growth," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 77-87.
    6. E. Lebedinskaya., 2012. "Sovereign Wealth Funds’ Role in Russia," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 3.
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    More about this item

    Keywords

    financial crisis; exchange rate policy; fiscal policy; Russian economy;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G01 - Financial Economics - - General - - - Financial Crises
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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