Russian fiscal policy during the financial crisis

This study examines the expanding role of fiscal policy at a time of financial crisis. It analyses the stimulative fiscal measures of the Russian government in 2008-2010 and compares these with simi-lar actions taken in other countries. The risks and limitations associated with the development and implementation of the measures are analyzed. The macroeconomic effects of the fiscal policy measures are estimated using a structural vector autoregressive (SVAR) model, the fiscal multip-liers are calculated, and factors influencing multiplier size are examined.fiscal stimulus; fiscal sustainability; SVAR; fiscal multiplier; financial crisis; Russia

Compton effect on relativistic electrons in the atmosphere of the sun

Compton effect on relativistic electrons in solar atmospher

Wealth effects and Russian money demand

We examine wealth effects for Russian money demand in a cointegrated vector autoregressive framework. We find that an aggregate wealth variable, as well as the components housing and equity prices included separately, significantly enter the long-run money demand relationship. There are feedback effects from money to wealth. However, the remonetization process lead to high income elasticities even when wealth is included in the model. System instability coincides with the arrival of the global financial crisis in late 2008.money demand; wealth effects; financial crisis; Russia

Identifying structural shocks behind loan supply fluctuations in Russia

We examine the drivers behind loan supply fluctuations in Russia using Bayesian vector autoregressive model with sign restrictions on impulse response functions. We identify two types of structural innovations: loan supply shock and monetary stance shock. We find that contractionary shocks of both types contributed significantly and in the roughly equal measure to the decrease of bank lending after the Lehman Brothers collapse.loan supply; Bayesian VAR; sign restrictions; financial crisis; Russia

Detecting synchronization of self-sustained oscillators by external driving with varying frequency

We propose a method for detecting the presence of synchronization of self-sustained oscillator by external driving with linearly varying frequency. The method is based on a continuous wavelet transform of the signals of self-sustained oscillator and external force and allows one to distinguish the case of true synchronization from the case of spurious synchronization caused by linear mixing of the signals. We apply the method to driven van der Pol oscillator and to experimental data of human heart rate variability and respiration.Comment: 9 pages, 7 figure