Open AccessDevelopment the dynamic stochastic general equilibrium model for open economy conditions
Author(s) -
Dmitriy Nikolaevich Shults,
Victor Ivanovich Baluta
Publication year - 2021
Publication title -
preprint/preprinty ipm im. m.v. keldyša
Language(s) - English
Resource type - Journals
eISSN - 2071-2901
pISSN - 2071-2898
DOI - 10.20948/prepr-2021-44
Subject(s) - dynamic stochastic general equilibrium , intermediary , investment (military) , financial intermediary , production (economics) , business , real economy , order (exchange) , economics , monetary economics , economy , industrial organization , finance , microeconomics , monetary policy , politics , political science , law
The paper presents the DSGE-model that describes the following sectors of the economy in relation to domestic realities: households, enterprises of the real sector and financial intermediaries. In turn, households are represented by two groups: savers and borrowers. Extractive industries are distinguished in the manufacturing sector. A feature of the proposed model is the FSC approach, which assumes that the owners of fixed assets are firms. They also make investment decisions. For mining companies, the production level is set exogenously in order to adequately reflect the impact of the OPEC + agreement. Financial intermediaries transform temporarily free household funds into loans to enterprises in the real sector.