GAIDAR INSTITUTE EMPLOYEES TOOK PART IN THE JUBILEE CONFERENCE OF THE MSU FACULTY OF ECONOMICS
Alexei Vedev, Alexandra Bozhechkova and Sergei Belev, employees of the Center for Macroeconomics and Finance, Gaidar Institute participated in the conference dedicated to the 80th anniversary of the M.V. Lomonosov MSU Faculty of Economics which was held on December 9-11, 2021.
Within the framework of the “Reforms and Transformation” panel discussion, Alexei Vedev, Head of the Financial Studies Department, Gaidar Institute spoke about the market transformation process in Russia, as well as the current economic situation and its outlooks amid global uncertainties, stressing the importance of appropriate methods in economic policy. According to Alexei Vedev, the establishment of the strategic planning system, making it feasible to identify promising avenues for economic growth and guide the government policy to towards achievement thereof is an important instrument for new reforms.
Within the framework of the “Monetary Policy Issues” session, Alexandra Bozhechkova, Head of the Monetary Policy Department, Gaidar Institute presented a report on the topic “Information Rigidity and Monetary Policy Options: First Outcomes for Russia.”
In the speaker’s view, the non-neutral aspect of the monetary policy can be explained by information rigidity or slow dissemination of information in taking of price decisions by economic agents. The speaker touched upon theoretical models of imperfect information and rational neglect, as well as empirical approaches to information rigidity assessment. Also, intermediate outcomes of implementation of an empirical approach to the information rigidity analysis based on the Russian data were presented, gradual convergence of professional analysts’ inflation forecasts to the actual data identified and preliminary analysis of the effect of crisis situations on experts’ expectations carried out.
Within the framework of the “Methods and Practice of Applied Research in Evidence-Based Policy”, Sergei Belev, Head of the Budget Policy Department, Gaidar Institute spoke about the evidence-based policy in international practice. The lack of knowledge for taking managerial decisions in the public sector, as well as the growing public request for a greater state transparency determined the development of evidence-based approaches in international practice and, as a consequence, the evidence-based state policy.