Deryugina, Elena; Ponomarenko, Alexey - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
We apply an econometric approach developed specifically to address the ‘curse of dimensionality’ in Russian data and estimate a Bayesian vector autoregression model comprising 14 major domestic real, price and monetary macroeconomic indicators as well as external sector variables. We conduct...