Polterovich
V.M.
Decreasing Inflation Should not be the Main Task of the Russian
Government
Economic Policy.
If imperfect market
institutions prevail in a country and inflation amounts to about 10%
then
efforts directed to further inflation decrease would probably hamper
economic
growth. To substantiate this thesis, I make references on opinions of
well-known economists, discuss results of recent empirical researches,
and
analyze peculiarities of modern economic situation in Russia. Arguments
in
favor of active policy to stimulate economic development are adduced.
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