Global crisis forms new economic policy agenda which raises new questions for economic theory and economic thinking. This paper deals with these new intellectual challenges. Among them: growth theory and the risks of secular stagnation, unconventional macroeconomic policy and the prospects trends, the paper discusses the roots and features of current Russian economic problems, compares the includes the effects of sanctions against Russia on the current economic situation and the structural problems that slow down economic growth. Special attention is paid to examples of medium-term and long-term steps that can provide sustainable development for the Russian economy. F63, O52, P17, P27. 1. Introduction: Global crises-in general and in particular causes and the character of the global crisis that erupted in 2008 and that continues to the present day. This crisis is of a particular type: it cannot be explained in terms of one or two parameters (for example, in terms of decline in production or growth in unemployment), and it is multi-dimensional and affects many spheres of socioeconomic life. In most cases, it has had serious socio-political consequences. This is a systemic crisis and, in this respect, resembles the crises of the 1930s and the 1970s (Mau, 2009). Comparisons are not straightforward. The lessons learned in overcoming the systemic cricrises have a number of qualitative features in common. This means they can be treated as www.rujec.org

No abstract

The paper deals with the roots and features of current Russian economic problems, compares 2008-2009 and 2014-2015 crises, factorizes the last one on three main components. The analysis includes the effects of sanctions against Russia on the current economic situation and structural problems that slow economic growth. Special attention is paid to examples of medium-term and long-term steps that can provide sustainable development of Russian economy.

Bank of Russia officials have recently declared the possibility of switching to the inflation targeting regime in the medium run. The article considers benefits and shortcomings of monetary policy regime as well as the economic performance of the inflation targeting countries. The authors conclude that Russia now starts meeting conditions crucial for the success of inflation targeting. In such circumstances Russian monetary authorities have an opportunity to weaken the exchange rate goal in favor of the inflation goal.

Russian macroeconomic tendencies of the past decade are described in the article. It is particularly mentioned that until recently foreign trade surplus was the main source of liquidity for the Russian economy. Since mid 2005 a noticeable foreign private capital inflow has started, creating a new liquidity source. A significant capital inflow may result in additional inflation and / or additional ruble appreciation while currently used monetary policy instruments appear to be ineffective in this situation. The description of the set of measures to soften negative impact of the capital inflow is also presented.

The article analyzes the problems faced by the Russian economy, and response by the government economic policy. The author considers measures to address four key tasks that will maximize long-term economic growth: the reduction of direct and transaction costs, creation of conditions for the transformation of savings into investments, fostering investment activity through the mechanisms of state support, as well as the removal of demand constraints.

The authors point out that the local market crisis - on the USA substandard loan market - has led to the uncertainty of the world financial market. It has caused the growing demand for liquidity in the framework of the world financial system. The Russian banking sector seems to be more stable under negative changes than banking systems of other emerging markets. At the same time one can assume that the crisis will become the factor of qualitative shift in the character of the Russian banking sector development - the shift from impetuous to more balanced growth.

The impact of real exchange rate on the Russian economy in internal and external markets is studied. The analysis takes into account that imported goods are only partial substitutes for those produced domestically, as the former is comprised mainly by manufactures with diverse properties. Positive or negligible effect of real appreciation of the ruble on the share of Russian goods in internal markets is found for major industries. This means that real appreciation of the ruble shifts domestic demand from imported to domestically produced goods, i.e. increases their competitiveness. Higher share of imports in constant prices is combined then with positive effect of the ruble appreciation on the volume of domestic supplies. No evidence of adverse effect of real appreciation on export supplies has been found, supposedly due to high profitability of most exports. Additional channel of negative influence of higher real exchange rate on inflation is revealed: through adjustment of producer prices to cheaper imported analogues.