Development the dynamic stochastic general equilibrium model for open economy conditions | Zendy

Dmitriy Nikolaevich Shults | Zendy; Victor Ivanovich Baluta | Zendy

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Development the dynamic stochastic general equilibrium model for open economy conditions

Author(s) -

Dmitriy Nikolaevich Shults,

Victor Ivanovich Baluta

Publication year - 2021

Publication title -

keldysh institute preprints

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 , order (exchange) , real economy , economics , industrial organization , monetary economics , 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.

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