This paper estimates the output gap in Russia using a utilization-adjusted production function approach, which we argue is preferable to traditional output gap methods. The approach amounts to (1) using available surveys to estimate the ""natural rates"" of capacity and labor utilization above...

Money demand in dollarized economies often appears to be highly unstable, making it difficult to forecast and control inflation. In this paper, we show that a stable money demand function for Russia can be found for "effective broad money," which includes an estimate of foreign cash holdings....

Intro -- Contents -- I. INTRODUCTION -- II. THE NONACCELERATING INFLATION RATE OF FACTOR UTILIZATION -- III. FACTOR UTILIZATION IN RUSSIA -- A. Capacity Utilization -- B. Labor Utilization -- C. Estimating the Natural Rate -- IV. OUTPUT GAP ESTIMATES -- A. Trend Fitting and Statistical Filtering...

This paper estimates the output gap in Russia using a utilization-adjusted production function approach, which we argue is preferable to traditional output gap methods. The approach amounts to (1) using available surveys to estimate the 'natural rates' of capacity and labor utilization above...

Money demand in dollarized economies often appears to be highly unstable, making it difficult to forecast and control inflation. In this paper, we show that a stable money demand function for Russia can be found for ""effective broad money,"" which includes an estimate of foreign cash holdings....

We present positive evidence of price stability of cryptocurrencies as a medium of exchange. For the sample years from 2016 to 2020, the prices of major cryptocurrencies are found to be stable, relative to major financial assets. Specifically, after filtering out the less-than-one-month cycles,...