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2018•Financial JournalOpen access

Estimation of Fiscal Stimulus Efficiency in Russian Economy: Simple DSGE Model With Government Sector

А. И. Вотинов, Mariia Elkina

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Abstract

Dynamic stochastic general equilibrium (DSGE) models are known as a flexible tool for monetary policy analysis.Nowadays this approach is becoming more popular for the analysis of fiscal policy impact on economic development.There are few DSGE models of Russian economy with detailed fiscal sector.In this study a simple DSGE model is developed and calibrated to evaluate the efficiency of fiscal stimulus.In addition, the authors consider the impact of budget consolidation and public-private consumption relationship on fiscal multipliers.The results demonstrate the sensitivity of multipliers to certain parameters.The developed model will form the basis of further research within suggested framework.

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Dynamic stochastic general equilibrium (DSGE) models are known as a flexible tool for monetary policy analysis.Nowadays this approach is becoming more popular for the analysis of fiscal policy impact on economic development.There are few DSGE models of Russian economy with detailed fiscal sector.In this study a simple DSGE model is developed and calibrated to evaluate the efficiency of fiscal stimulus.In addition, the authors consider the impact of budget consolidation and public-private consumption relationship on fiscal multipliers.The results demonstrate the sensitivity of multipliers to certain parameters.The developed model will form the basis of further research within suggested framework.

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Available abstract

Dynamic stochastic general equilibrium (DSGE) models are known as a flexible tool for monetary policy analysis.Nowadays this approach is becoming more popular for the analysis of fiscal policy impact on economic development.There are few DSGE models of Russian economy with detailed fiscal sector.In this study a simple DSGE model is developed and calibrated to evaluate the efficiency of fiscal stimulus.In addition, the authors consider the impact of budget consolidation and public-private consumption relationship on fiscal multipliers.The results demonstrate the sensitivity of multipliers to certain parameters.The developed model will form the basis of further research within suggested framework.

Key concepts: Dynamic stochastic general equilibrium, Economics, Stimulus (psychology), Fiscal policy, Fiscal multiplier, Consolidation (business), Macroeconomics, Government spending

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