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Research Article
Russian Journal of Economics 2(3): 246-278
https://doi.org/10.1016/j.ruje.2016.09.001 (31 Aug 2016)
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  • 1. Introduction
  • 1. Theoretical description of the economy
    • 1.1. Long-run equilibrium and the structure of the economy
      • 1.1.1. Economic equilibrium
      • 1.1.2. Structure of the economy
    • 1.2. Structural transformation of the economy following changes in oil prices and the role of the real foreign exchange rate
      • 1.2.1. The real foreign exchange rate and its role in the economy
      • 1.2.2. Production capacity of the economy following changes in the foreign exchange rate
  • 2. Equilibrium model, inflation and economic policy
    • 2.1. Equilibrium in the goods and money markets (IS-MP model), equilibrium output and the equilibrium real interest rate
      • 2.1.1. Equilibrium in the goods market: the Investment-Savings (IS) line
      • 2.1.2. Equilibrium in the money market: the Monetary Policy (MP) line
    • 2.2. Equilibrium in the foreign exchange market
    • 2.3. Inflation, inflation expectations, and the relationship between inflation and GDP movements
    • 2.4. Fiscal policy
  • 3. Alternative monetary policy under balance of payment shocks
    • 3.1. Maintaining the foreign exchange rate at the same level or gradual devaluation
    • 3.2. Sterilized interventions to support the foreign exchange rate
    • 3.3. Utilization of foreign exchange refinancing tools to address excessive stress in the foreign exchange market
    • 3.4. Transition to a floating foreign exchange rate with anchored inflation expectations
    • 3.5. Transition to a floating foreign exchange rate and a temporary increase in interest rates
    • 3.6. Fiscal policy during an oil shock
  • 4. Conclusions: The role of the monetary and fiscal policies during balance of payment shocks
  • Acknowledgements
  • References
  • Appendix
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