Oil dependency of the Russian economy: an econometric analysis

Arbeitspapier

A macro econometric model of the Russian economy is developed, containing 13 estimated equations - covering major national account variables, government expenditures and revenues, interest rates, prices and the labour market. The model is tailored to analyze effects of changes in the oil price and economic policy variables. The model has good statistical properties and tracks history well over the estimation period, which runs from 1995Q1 to 2008Q1. Model simulations indicate that the Russian economy is vulnerable to large fluctuations in the oil price, but we also find evidence of significant economic growth capabilities in the absence of oil price growth.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Discussion Papers ; No. 617

Classification and Topics

• Classification: Wirtschaft ; Model Construction and Estimation ; General Aggregative Models: Forecasting and Simulation: Models and Applications ; Monetary Policy ; Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy ; Energy and the Macroeconomy
• Subject: Russia ; macro econometric model ; oil price dependency ; fiscal and monetary policy

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Benedictow, Andreas ; Fjærtoft, Daniel ; Løfsnæs, Ole
• Event: Veröffentlichung
• (who): Statistics Norway, Research Department
• (where): Oslo
• (when): 2010

Further information

• Handle: http://hdl.handle.net/10419/192599
• Last update: 10.03.2025, 11:45 AM CET