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Inflation determinants in Russia


Elena Perevyshina, Dmitry Egorov
(about the authors)

Perevyshina Elena A. – Candidate of Science, Economics, Associate Professor of the Chair of Macroeconomic (The Russian Presidential Academy of National Economy and Public Administration, Moscow)

Egorov Dmitry A. – Junior Research Officer of the Undergraduate Research Center of the Institute of Applied Economic Studies (The Russian Presidential Academy of National Economy and Public Administration, Moscow)

Published in:
Russian Journal of Entrepreneurship
– Volume 16, Number 23 (December, 2015)



Keywords: cost approach, inflation, phillips curve


Citation:
Elena Perevyshina, Dmitry Egorov (2015). Inflation determinants in Russia. Russian Journal of Entrepreneurship, 16(23), 4261-4270. doi: 10.18334/rp.16.23.2160


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Abstract:

Based on the plotted Phillips curve and application of the cost approach to the Russian data, the authors have identified the inflation factors in Russia at the present stage. It has been shown that within the Phillips curve the inflation is explained by the change of aggregate excess demand that has been evaluated through the output gap, change in the RUB/USD exchange rate and inflation expectations that develop adaptively, rationally and in a looking-ahead way. Based on the cost approach, the following inflation factors have been identified: the prices of agriculture producers, the prices on housing and public utility services, RUB/USD exchange rate and inflation expectations. 







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