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The impact of oil price dynamics on the macroeconomic indicators of the Russian economy

Authors
Disciplines
  • Economics

Abstract

The paper assesses the dependence of basic macroeconomic indicators of the Russian economy on the oil price dynamics on the world market. Hypotheses about the sensitivity of macroeconomic indicators of the Russian economy to oil price fluctuations are formulated, and a simultaneous equations system is specified and estimated in order to test these hypotheses. The scenarios of reaction of the Russian economy to exogenous shocks related to sharp oil price cuts are investigated, and policy recommendations aimed to minimize the negative impact of these shocks are formulated

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