Estimation of welfare costs of inflation: The case of Russia

2019 ◽  
pp. 55-69 ◽  
Author(s):  
Sergey M. Drobyshevskiy ◽  
Natalia V. Makeeva ◽  
Elena V. Sinelnikova-Muryleva ◽  
Pavel V. Trunin
Keyword(s):  
Inflation Targeting ◽  
Empirical Studies ◽  
Welfare Costs ◽  
Economic Agents ◽  
Academic Literature ◽  
Russian Economy ◽  
Theoretical Approaches ◽  
Real Gdp ◽  
Quantitative Estimates ◽  
Positive Effect

This paper is devoted to the estimation of welfare costs of inflation, taking into account the peculiarities of the Russian economy. Theoretical approaches that are used in the literature to analyze the costs of inflation are discussed in the paper. It also provides an overview of the empirical studies of this topic. Research found in academic literature shows that the results of quantitative estimates are extremely sensitive to the choice of the functional form of the money demand equation, as well as to assumptions that are made to simplify the analysis, some of which do not fit Russian data. As a result, we have modified the standard approaches to estimating welfare costs of inflation, taking into account the monetization growth in Russia, and provide quantitative estimates of the magnitude of welfare costs of inflation. The results indicate a significant gain for economic agents in terms of real GDP with a decrease in inflation, which is regarded as a positive effect from the inflation targeting policy.

The Impossible Trinity» rule in the context of international experience

2019 ◽  
pp. 90-96
Author(s):  
M.P. Tskhovrebov ◽  
A.S. Tanasova
Keyword(s):  
Exchange Rate ◽  
Inflation Targeting ◽  
Empirical Studies ◽  
Theoretical Development ◽  
External Shocks ◽  
Cross Border ◽  
Relevant Today ◽  
Russian Economy ◽  
Monetary Authorities ◽  
Increased Sensitivity

The article is devoted to the «Trilemma» of the policy of the monetary authorities, or the «rule of impossible trinity». This policy compatibility rule, formulated more than 50 years ago, remains relevant today. Its reliability is generally confirmed by a number of empirical studies, although there are also suggestions on the need to adjust this economic and theoretical development. The corresponding discussion also affects the policy of the Bank of Russia (mega-regulator), which carries out inflation targeting in conditions of the free movement of cross-border capital and the use of a floating ruble exchange rate. Regarding the effectiveness of this policy, carried out in the presence of increased sensitivity of the Russian economy to external shocks, the authors express certain doubts.

Behavioral economics and DSGE-modeling

2020 ◽  
pp. 47-65
Author(s):  
D. N. Shults
Keyword(s):  
Rational Expectations ◽  
Inflation Expectations ◽  
Behavioral Modification ◽  
Economic Agents ◽  
Russian Economy ◽  
Long Run ◽  
The Interest Rate ◽  
Macro Variables ◽  
Dsge Modeling ◽  
Positive Effect

The article considers the “behavioral” modification of the standard DSGE model proposed by X. Gabaix. In his model, agents behave in a boundedly rational manner, showing incomplete attention to macroeconomic statistics. Moreover, unlike other attempts to abandon the hypothesis of rational expectations in favor of a model of adaptive and/or static expectations, the Gabaix model is initially constructed taking into account the inattention of economic agents to macro variables. The consequence of bounded rationality is that monetary policy is less effective (compared to the model of rational expectations) and, conversely, fiscal policy is effective due to the fact that Ricardo equivalence is not fulfilled. If the inertia of inflation expectations is taken into account in the Gabaix model, it demonstrates that the interest rate has a positive effect on inflation in the long run. Bayesian estimates for the rationality coefficient in the Russian economy are presented. Moreover, attention to inflation is much lower than attention to the variable of economic activity.

Handwriting Analysis and Personality Assessment

2000 ◽  
Vol 5 (1) ◽  
pp. 44-51 ◽  
Author(s):  
Peter Greasley
Keyword(s):  
Personality Traits ◽  
Personality Assessment ◽  
Personnel Selection ◽  
Empirical Studies ◽  
Handwriting Analysis ◽  
Recruitment Process ◽  
Academic Literature ◽  
Personnel Recruitment ◽  
The Subject ◽  
Better Than

It has been estimated that graphology is used by over 80% of European companies as part of their personnel recruitment process. And yet, after over three decades of research into the validity of graphology as a means of assessing personality, we are left with a legacy of equivocal results. For every experiment that has provided evidence to show that graphologists are able to identify personality traits from features of handwriting, there are just as many to show that, under rigorously controlled conditions, graphologists perform no better than chance expectations. In light of this confusion, this paper takes a different approach to the subject by focusing on the rationale and modus operandi of graphology. When we take a closer look at the academic literature, we note that there is no discussion of the actual rules by which graphologists make their assessments of personality from handwriting samples. Examination of these rules reveals a practice founded upon analogy, symbolism, and metaphor in the absence of empirical studies that have established the associations between particular features of handwriting and personality traits proposed by graphologists. These rules guide both popular graphology and that practiced by professional graphologists in personnel selection.

Towards New Policy Incentives for Fixed Capital Investment and Technological Upgrades in Russia

2011 ◽  
pp. 43-56
Author(s):  
A. Apokin
Keyword(s):  
Economic Policy ◽  
Capital Investment ◽  
Empirical Studies ◽  
Fixed Capital ◽  
Policy Framework ◽  
Private Companies ◽  
Russian Economy ◽  
Technological Modernization ◽  
Fixed Capital Investment ◽  
Policy Incentives

The paper approaches the problem of private fixed capital underinvestment in Russia. The author uses empirical studies of the Russian economy and cases of successful technological modernization to outline several groups of disincentives for private companies to perform fixed capital investment in Russia. To counter these constraints, a certain incentive-based economic policy framework is developed.

Is inflation targeting useful for economic growth?

2017 ◽  
pp. 62-74 ◽  
Author(s):  
P. Kartaev
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Test Performance ◽  
Inflation Targeting ◽  
Developing Economies ◽  
Empirical Studies ◽  
Growth Regime ◽  
Potential Channels

The paper presents an overview of studies of the effects of inflation targeting on long-term economic growth. We analyze the potential channels of influence, as well as modern empirical studies that test performance of these channels. We compare the effects of different variants of inflation targeting (strict and mixed). Based on the analysis recommendations on the choice of optimal (in terms of stimulating long-term growth) regime of monetary policy in developed and developing economies are formulated.

Tools for the development of innovative entrepreneurship in the region

2019 ◽  
pp. 66-72
Author(s):  
V. P. Basenko ◽  
V. A. Dianova
Keyword(s):  
New Technologies ◽  
High Tech ◽  
Organizational Forms ◽  
Public And Private ◽  
Economic Agents ◽  
Russian Economy ◽  
New Organizational Forms ◽  
Innovative Solution ◽  
Public And Private Cooperation ◽  
Effective Use

The article is devoted to the problems of innovative enterprise development. Since the Russian economy is in a state of financial and economic stagnation, there is a need to apply radically new innovative directions of business activities that ensure the effective use of financial potential within the framework of national projects. Practice shows that today the business sector in Russia is not able to provide a full-fledged demand for new technologies. Therefore, there is a need for substantial state support to provide centralized orders for high-tech industries. There are already examples of combining the efforts of a number of Autonomous economic entities to implement innovative reforms, new organizational forms of interaction have been formed, such as: centers for the implementation of innovative ideas; centers for engineering services; business incubators, etc. The subjects of these organizational forms of cooperation developed and proposed measures aimed at innovative solution of technological problems relevant to the regional economy, as well as for the country as a whole. Link for the efficient interaction of economic agents becomes an inherent characteristic, is the need of implementation of mechanisms of coordination with “network interaction”. It is important to note the fact that the existing relations and forms of regulation of various systems are not permanent, there are no strategic concepts aimed at long-term public and private cooperation.

scholarly journals Determinants of Corporate Anti-Corruption Disclosure: The Case of the Emerging Economics

2021 ◽  
Vol 13 (6) ◽  
pp. 3462
Author(s):  
Maider Aldaz Odriozola ◽  
Igor Álvarez Etxeberria
Keyword(s):  
Empirical Studies ◽  
Geographical Area ◽  
Control Variable ◽  
Emerging Countries ◽  
Point Of View ◽  
Press Freedom ◽  
Negative Effects ◽  
Key Factor ◽  
Using Data ◽  
Positive Effect

Corruption is a key factor that affects countries’ development, with emerging countries being a geographical area in which it tends to generate greater negative effects. However, few empirical studies analyze corruption from the point of view of disclosure by companies in this relevant geographical area. Based on a regression analysis using data from the 96 large companies from 15 emerging countries included in the 2016 International Transparency Report, this paper seeks to understand what determinants affect such disclosure. In that context, this paper provides empirical evidence to understand the factors that influence reporting on anti-corruption mechanisms in an area of high economic importance that has been little studied to date, pointing to the positive effect of press freedom in a country where the company is located and with the industry being the unique control variable that strengthens this relationship.

scholarly journals Improving Early Warning System Indicators for Crisis Manifestations in the Russian Economy

2020 ◽  
Vol 6 (4) ◽  
pp. 171
Author(s):  
Alexander Semin ◽  
Marina Vasiljeva ◽  
Alexander Sokolov ◽  
Nikolay Kuznetsov ◽  
Maksim Maramygin ◽  
...  
Keyword(s):  
Economic Crisis ◽  
Technological Development ◽  
Warning System ◽  
Mortgage Lending ◽  
Bank Loans ◽  
Leading Indicators ◽  
Innovative Development ◽  
Russian Economy ◽  
Real Gdp ◽  
Innovative Economy

The study is aimed at determining the oscillators of crisis manifestations when the Russian economy tries to make transition to the path for accelerating technological development and forming an innovative economy. Short-term cycles were determined in the development of the Russian economy from 1995 to the first half of 2020 through the Fourier spectral analysis. Using the Granger test, causal relationships between the leading indicators of the economic crisis and the real GDP index in Russia were identified and substantiated. They reflect the influence of the key rate dynamics on the volume of lending, savings, investments, the yield on securities and the exchange rate; volumes of bank loans per the share of non-performing and bad loans and innovative development of the economy. Based on the constructed neural models of the oscillator influence on the level of real GDP in Russia, it was determined that the rapid growth of bank and mortgage lending, the devaluation of the ruble, a decreased volume of gross foreign investment and the level of innovative development predetermine crisis manifestations in the national economy. The lags of the influence of changes in the leading indicators of the economic crisis on the development of the economy were calculated. The results obtained can contribute to the effectiveness of the anti-crisis regulation strategy in Russia. They can serve as a basis for increasing the efficiency of long-term innovative development and creating appropriate conditions for increasing the scientific and technological potential of the country.

scholarly journals The Influence of Heuristic judgments in Social Media on Corporate Reputation: A Study in Spanish Leader Companies

2020 ◽  
Vol 12 (4) ◽  
pp. 1640 ◽  
Author(s):  
Luis Manuel Cerdá Suárez ◽  
Jesús Perán López ◽  
Belén Cambronero Saiz
Keyword(s):  
Social Media ◽  
Corporate Reputation ◽  
Cognitive Biases ◽  
Managerial Performance ◽  
Economic Agents ◽  
Using Data ◽  
Business And Management ◽  
Positive Effect ◽  
Different Levels ◽  
High Uncertainty

From a corporate-side perspective, the communication of reputational actions and news of companies becomes critical for success. However, in communication, business, and management studies, heuristics can be understood as simple cognitive processes that allow assessments, predictions, and decisions to be made quickly and efficiently by consumers and economic agents. This aspect can sometimes lead to cognitive biases, especially when little information is available or in situations of high uncertainty. The aim of this research is to investigate the influence of heuristic judgments in social media on corporate reputation ratings obtained in Spanish leader companies. Using data collected in Spain, this paper analyzes the influence of heuristics concerning news items on corporate reputation, measured by the Monitor Empresarial de Reputación Corporativa (MERCO) Index. The main finding of this paper is that the total number of news items has a positive effect on corporate reputation, particularly in the categories of culture-values, results/image, expansion, and sponsorship/donations. Additionally, this work serves as a repository of knowledge applicable to similar situations considering the specificities of each particular case. The importance to intervene on certain variables at different levels of managerial performance is described and implications for companies are discussed in these pages.

scholarly journals Conflicts in Family Firms in the International Context: A Literature Review

2018 ◽  
Vol 10 (1) ◽  
pp. 43-61
Author(s):  
Martin Jurek
Keyword(s):  
Family Business ◽  
Family Firms ◽  
Research Question ◽  
Empirical Studies ◽  
Value Added ◽  
Life Cycles ◽  
Generational Status ◽  
Business Research ◽  
Screening Criteria ◽  
Theoretical Approaches

Abstract Objective: This paper reviews the major family business research papers that address factors related to relationship and work-to-family conflicts. Methodology: The procedure this paper applies follows recommendations for literature reviews by Fink (2010) consisting of: (1) selecting a research question (2) selecting bibliographic or article databases, (3) choosing search terms, (4) applying practical screening criteria, (5) applying methodical screening criteria, (6) doing the review and (7) synthesizing the results. Findings: The article summarizes that, although family business research is progressing in terms of theory building, it continues to lack a systematic adoption of longitudinal, cross-national and multi-theoretical approaches. To date, research on conflict in family firms remains underdeveloped in the CEE. Value Added: Outlining the state of the art of theoretical and empirical studies by applying a resource-based view. Recommendations: Application of control variables, such as size of the business, business life cycles, generational status, type of industry and various cultural settings. Furthermore, the role of communication, sibling rivalry and perceived justice of family members could be investigated more thoroughly.

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