Russian Economy During Oil Price Slump. An Empirical Investigation

      Аннотация: Russian Federation is one of the most influential players on the political arena. Over the last 15 years economic activity of the country has grown rapidly. Even though, Russia is generally recognised to be significantly dependent on exports of oil, little empirical evidence exists on the influence of oil prices on its macroeconomic development. Therefore, in this study we employ an empirical analysis to observe the impact of oil price fluctuations, along with inflation and exchange rate, on the economic activity of Russia. Vector Autoregressive Model (VAR) was represented and estimated along with Vector Error Correction Model (VECM). The important feature of this research is that there was revealed an automatic adjustment mechanism in the model, which helps the economy of Russia to reach its equilibrium after the shock. This book should assist every person at illuminating the modern state of Russian Economy, and is aimed at being especially valuable for the professionals in the fields of Economics and Econometrics.

Ключевые слова: econometrics, Exchange Rate, fiscal policy, Inflation, macroeconomics, Monetary, Oil, Russia