Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-2-290-313
I. Stepanov
Traditionally, carbon tax and cap-and-trade system are considered to be the main incentive-based instruments to tackle greenhouse gas emissions. At the same time, scientific and political discussions often neglect the role of other energy taxes that restrict the use of fossil fuels and implicitly put the price on carbon. However, the impact of any fiscal instrument on emissions does not solely depend on value and quality of the price signal (tax rate and tax base) but is subject to the scale of its application, i.e. the coverage of emissions. In most countries, other energy taxes (e.g. excises for motor fuels) historically have a wider institutional basis, cover a larger number of polluting entities in comparison to carbon tax or cap-and-trade, which started to develop rapidly only recently.The objective of the present research is to compare the contribution of «direct» price signals (carbon tax and cap-and-trade) to greenhouse gas emissions reduction against the backdrop of «indirect» ones (other energy taxes). On the basis of data for 30 European countries in 1995-2016, several fixed-effects panel regressions were estimated. The results indicate that the impact of other energy taxes on carbon intensity is twice as high as the impact of «direct» price signals. However, the impact of the «direct» price signals tends to increase with the time. The estimation made for 2005-2016 shows that even though both «direct» and «indirect» price signals had significant negative impact on carbon intensity, neither of them was stronger than the other.
{"title":"Energy Taxes and Their Contribution to Greenhouse Gas Emissions Reduction","authors":"I. Stepanov","doi":"10.17323/1813-8691-2019-23-2-290-313","DOIUrl":"https://doi.org/10.17323/1813-8691-2019-23-2-290-313","url":null,"abstract":"Traditionally, carbon tax and cap-and-trade system are considered to be the main incentive-based instruments to tackle greenhouse gas emissions. At the same time, scientific and political discussions often neglect the role of other energy taxes that restrict the use of fossil fuels and implicitly put the price on carbon. However, the impact of any fiscal instrument on emissions does not solely depend on value and quality of the price signal (tax rate and tax base) but is subject to the scale of its application, i.e. the coverage of emissions. In most countries, other energy taxes (e.g. excises for motor fuels) historically have a wider institutional basis, cover a larger number of polluting entities in comparison to carbon tax or cap-and-trade, which started to develop rapidly only recently.The objective of the present research is to compare the contribution of «direct» price signals (carbon tax and cap-and-trade) to greenhouse gas emissions reduction against the backdrop of «indirect» ones (other energy taxes). On the basis of data for 30 European countries in 1995-2016, several fixed-effects panel regressions were estimated. The results indicate that the impact of other energy taxes on carbon intensity is twice as high as the impact of «direct» price signals. However, the impact of the «direct» price signals tends to increase with the time. The estimation made for 2005-2016 shows that even though both «direct» and «indirect» price signals had significant negative impact on carbon intensity, neither of them was stronger than the other.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67832418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-1-32-60
M. Stolbov
The paper introduces a new monthly index of financial stress for Russia for the March 2008 – March 2018 period. The index is based on 12 well-established and mostly publicly available standalone metrics of financial instability, including credit-to-GDP gap, debt-service-ratio and real estate price index, provided by the BIS. I seek an optimal method to aggregate the metrics to derive a composite index. Based on the local projections technique [Jorda, 2005, 2009] and Bayesian model averaging, I show that conventional aggregation methods such as principal component analysis (PCA) can be outperformed by the approaches, better capturing the nonlinear and non-Gaussian nature of the standalone indicators of financial instability. Namely, the dynamic factor model with a single factor fares best of all the considered methods. The composite index based on the dynamic factor model accurately captures the dynamics of financial instability in the Russian financial sector, with the peaks occurring in the late 2008 and the late 2014 – early 2015. I also show that the financial stress index exerts an adverse effect on industrial production alongside the VIX index, explicitly accounting for oil prices, global and domestic indices of economic policy uncertainty as well as geopolitical risk. This negative effect of financial stress exhibits persistence in the medium run.
{"title":"Constructing a Financial Stress Index for Russia: New Approaches","authors":"M. Stolbov","doi":"10.17323/1813-8691-2019-23-1-32-60","DOIUrl":"https://doi.org/10.17323/1813-8691-2019-23-1-32-60","url":null,"abstract":"The paper introduces a new monthly index of financial stress for Russia for the March 2008 – March 2018 period. The index is based on 12 well-established and mostly publicly available standalone metrics of financial instability, including credit-to-GDP gap, debt-service-ratio and real estate price index, provided by the BIS. I seek an optimal method to aggregate the metrics to derive a composite index. Based on the local projections technique [Jorda, 2005, 2009] and Bayesian model averaging, I show that conventional aggregation methods such as principal component analysis (PCA) can be outperformed by the approaches, better capturing the nonlinear and non-Gaussian nature of the standalone indicators of financial instability. Namely, the dynamic factor model with a single factor fares best of all the considered methods. The composite index based on the dynamic factor model accurately captures the dynamics of financial instability in the Russian financial sector, with the peaks occurring in the late 2008 and the late 2014 – early 2015. I also show that the financial stress index exerts an adverse effect on industrial production alongside the VIX index, explicitly accounting for oil prices, global and domestic indices of economic policy uncertainty as well as geopolitical risk. This negative effect of financial stress exhibits persistence in the medium run.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67831166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-1-90-117
I. Savin, O. Mariev, A. Pushkarev
It this article we analyze the strength of market selection for a wide range of industries in the Urals Federal District (UFD) and compare it with the results for several foreign countries. The empirical analysis is based on the Ruslana database provided by Bureau van Dijk (BvD) for the period from 2006 to 2015. For the first stage of the analysis, we resort to the well-discussed method of aggregated labor productivity decomposition at the industry level into two main processes, namely, the growth of productivity within the firm and the redistribution of market shares between firms on the market. The results obtained show that the industrial productivity growth is almost entirely explained by the increase in productivity at the level of the firms, while the role of market selection is negligible. However, due to a number of limitations of this approach, it would be incorrect to deny the significance of the competition as a whole. For this reason, at the second stage we consider the relationship between the growth of firms’ revenues and their productivity directly. Our results show that the role of market selection in explaining firm growth is small in Russia and is lower in comparison with developed countries. This result holds if instead of labour productivity one uses total factor productivity. The revealed weak interrelation indicates the need to improve industrial policy in the direction of increasing the efficiency of competition.
本文分析了乌拉尔联邦区各行各业的市场选择力度，并与国外几个国家的结果进行了比较。实证分析基于2006年至2015年期间由Bureau van Dijk (BvD)提供的Ruslana数据库。对于分析的第一阶段，我们采用了讨论得很好的方法，即在行业层面上将总劳动生产率分解为两个主要过程，即企业内部生产率的增长和市场上企业之间市场份额的再分配。研究结果表明，产业生产率的增长几乎完全由企业层面生产率的提高来解释，而市场选择的作用可以忽略不计。然而，由于这种方法的一些局限性，否认整个竞争的重要性是不正确的。因此，在第二阶段，我们直接考虑企业收入增长与其生产率之间的关系。我们的研究结果表明，市场选择在解释俄罗斯企业增长中的作用很小，与发达国家相比更低。如果用全要素生产率代替劳动生产率，这个结果是成立的。所揭示的弱相互关系表明，需要朝着提高竞争效率的方向改进产业政策。
{"title":"Survival of the Fittest? Measuring the Strength of Market Selection on the Example of the Urals Federal District","authors":"I. Savin, O. Mariev, A. Pushkarev","doi":"10.17323/1813-8691-2019-23-1-90-117","DOIUrl":"https://doi.org/10.17323/1813-8691-2019-23-1-90-117","url":null,"abstract":"It this article we analyze the strength of market selection for a wide range of industries in the Urals Federal District (UFD) and compare it with the results for several foreign countries. The empirical analysis is based on the Ruslana database provided by Bureau van Dijk (BvD) for the period from 2006 to 2015. For the first stage of the analysis, we resort to the well-discussed method of aggregated labor productivity decomposition at the industry level into two main processes, namely, the growth of productivity within the firm and the redistribution of market shares between firms on the market. The results obtained show that the industrial productivity growth is almost entirely explained by the increase in productivity at the level of the firms, while the role of market selection is negligible. However, due to a number of limitations of this approach, it would be incorrect to deny the significance of the competition as a whole. For this reason, at the second stage we consider the relationship between the growth of firms’ revenues and their productivity directly. Our results show that the role of market selection in explaining firm growth is small in Russia and is lower in comparison with developed countries. This result holds if instead of labour productivity one uses total factor productivity. The revealed weak interrelation indicates the need to improve industrial policy in the direction of increasing the efficiency of competition.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67831407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-4-524-541
Edgar Demetrio Tovar-García, C. A. Carrasco
Based on a demand-side approach, Thirlwall’s law claims that, in the long-run, economic growth is constrained by the balance of payments. Income elasticity of demand for exports should be greater than income elasticity of demand for imports in order to grow faster than the limit imposed by export demand. Accordingly, accurate estimations of income elasticities are necessary to identify these bounds. This research estimates export and import functions using bilateral trade data between Russia and 53 of its major partners. Then, we empirically test the validity of Thirlwall’s law over the years 1996–2016, generalizing Thirlwall’s model in a bilateral panel framework. In addition, export and import functions are estimated taking into account export and import composition, controlling for key sectoral effects on aggregate elasticities. Using dynamic panel data models, the findings suggest that, on average, the Russian economy has been growing faster than what Thirlwall’s law predicts. The sectoral composition of the Russian external sector has eased the external constraint to growth. Russian exports still significantly consist of oil and gas, price inelastic goods, with positive effects on trade balance over the period of study. However, in a transition toward green energies, the allocation and investment of exports revenues is a key factor to address future scenarios where carbon-based resources lose relevance.
{"title":"The Balance of Payments and Russian Economic Growth","authors":"Edgar Demetrio Tovar-García, C. A. Carrasco","doi":"10.17323/1813-8691-2019-23-4-524-541","DOIUrl":"https://doi.org/10.17323/1813-8691-2019-23-4-524-541","url":null,"abstract":"Based on a demand-side approach, Thirlwall’s law claims that, in the long-run, economic growth is constrained by the balance of payments. Income elasticity of demand for exports should be greater than income elasticity of demand for imports in order to grow faster than the limit imposed by export demand. Accordingly, accurate estimations of income elasticities are necessary to identify these bounds. This research estimates export and import functions using bilateral trade data between Russia and 53 of its major partners. Then, we empirically test the validity of Thirlwall’s law over the years 1996–2016, generalizing Thirlwall’s model in a bilateral panel framework. In addition, export and import functions are estimated taking into account export and import composition, controlling for key sectoral effects on aggregate elasticities. Using dynamic panel data models, the findings suggest that, on average, the Russian economy has been growing faster than what Thirlwall’s law predicts. The sectoral composition of the Russian external sector has eased the external constraint to growth. Russian exports still significantly consist of oil and gas, price inelastic goods, with positive effects on trade balance over the period of study. However, in a transition toward green energies, the allocation and investment of exports revenues is a key factor to address future scenarios where carbon-based resources lose relevance.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67832240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-3-444-464
A. Brychykova, Elena Mogilevich, A. Shvedov
Models for time series are very important for the stock market. Fuzzy Takagi – Sugeno models (functional fuzzy systems) are a promising and already common approach, in which different regression dependencies are used for different areas of variation of certain parameters, and soft switching is performed using the fuzzy logic rules. This is the advantage of this approach over conventional stochastic models. Each Takagi-Sugeno model is based on its set of fuzzy rules. These models can be viewed as a generalization of classical econometric models, if one such model corresponds to one fuzzy rule. This paper studies the possibility of using the wavelet transform and fuzzy Takagi – Sugeno model to analyze the dynamics of stock prices for the following Russian companies: Gazprom, Sberbank, Magnit, Yandex and Aeroflot; this approach was previously used to study some foreign stock markets. Wavelet analysis quite often acts as a tool for signal processing, including time series, as it allows for a multi-level approximation. In this paper, the Takagi – Sugeno model is based on untransformed data as well as data transformed using Haar wavelets. Fuzzy clustering is used to construct membership functions. Calculations show that the use of wavelets often improves the predictive characteristics of the model.
{"title":"On Wavelet Transform for Stock Price Modeling by Fuzzy Systems","authors":"A. Brychykova, Elena Mogilevich, A. Shvedov","doi":"10.17323/1813-8691-2019-23-3-444-464","DOIUrl":"https://doi.org/10.17323/1813-8691-2019-23-3-444-464","url":null,"abstract":"Models for time series are very important for the stock market. Fuzzy Takagi – Sugeno models (functional fuzzy systems) are a promising and already common approach, in which different regression dependencies are used for different areas of variation of certain parameters, and soft switching is performed using the fuzzy logic rules. This is the advantage of this approach over conventional stochastic models. Each Takagi-Sugeno model is based on its set of fuzzy rules. These models can be viewed as a generalization of classical econometric models, if one such model corresponds to one fuzzy rule. This paper studies the possibility of using the wavelet transform and fuzzy Takagi – Sugeno model to analyze the dynamics of stock prices for the following Russian companies: Gazprom, Sberbank, Magnit, Yandex and Aeroflot; this approach was previously used to study some foreign stock markets. Wavelet analysis quite often acts as a tool for signal processing, including time series, as it allows for a multi-level approximation. In this paper, the Takagi – Sugeno model is based on untransformed data as well as data transformed using Haar wavelets. Fuzzy clustering is used to construct membership functions. Calculations show that the use of wavelets often improves the predictive characteristics of the model.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67832444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-3-384-417
A. Zubarev, K. Nesterova
This paper aims at modeling the proposed 5-year rise in retirement age for Russian economy. The primary goal of the paper is to analyze the effect of this pension reform on the major macroeconomic features of the Russian economy as well as benefits and losses of different age group of agents. The problem is solved by making simulations in the setting of a global CGE-OLG model. The proposed model takes into account the long-run demographic trends forecasted by the UN as well as the budget structure of each of the 17 regions included: consumption taxes, income tax, payroll tax, corporate tax and natural revenues and expenditures on education, healthcare, pensions and other spending. Having overlapping generation is the model allows us to estimate changes in welfare of different age groups of agents from any economic policy. The results of the simulations show that the effect of raising the retirement age on economic growth appears to be limited. However, we observe an increase in the level of consumption and welfare for all the generation except for those that are close to reaching the retirement age when the reform is implemented. A more pronounced effect of raising the retirement age is that it helps keeping the government budget balanced in the long run. As an alternative a gradual pension system capitalization scenario is considered.
{"title":"Assessing the Consequences of the Pension Reform in Russia in a Global CGE-OLG Model","authors":"A. Zubarev, K. Nesterova","doi":"10.17323/1813-8691-2019-23-3-384-417","DOIUrl":"https://doi.org/10.17323/1813-8691-2019-23-3-384-417","url":null,"abstract":"This paper aims at modeling the proposed 5-year rise in retirement age for Russian economy. The primary goal of the paper is to analyze the effect of this pension reform on the major macroeconomic features of the Russian economy as well as benefits and losses of different age group of agents. The problem is solved by making simulations in the setting of a global CGE-OLG model. The proposed model takes into account the long-run demographic trends forecasted by the UN as well as the budget structure of each of the 17 regions included: consumption taxes, income tax, payroll tax, corporate tax and natural revenues and expenditures on education, healthcare, pensions and other spending. Having overlapping generation is the model allows us to estimate changes in welfare of different age groups of agents from any economic policy. The results of the simulations show that the effect of raising the retirement age on economic growth appears to be limited. However, we observe an increase in the level of consumption and welfare for all the generation except for those that are close to reaching the retirement age when the reform is implemented. A more pronounced effect of raising the retirement age is that it helps keeping the government budget balanced in the long run. As an alternative a gradual pension system capitalization scenario is considered.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67832361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-4-542-561
A. Votinov, M. Elkina, I. Nikonov
{"title":"The Determinants of Private Investment in Russia: The Role of Corporate Income Tax","authors":"A. Votinov, M. Elkina, I. Nikonov","doi":"10.17323/1813-8691-2019-23-4-542-561","DOIUrl":"https://doi.org/10.17323/1813-8691-2019-23-4-542-561","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67833597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-2-185-237
Гимпельсон Владимир Ефимович
Данное исследование посвящено различиям в заработной плате между возрастными группами российских работников. Существуют многочисленные эмпирические свидетельства того, что в развитых странах зарплата растет монотонно, хотя и с затухающим темпом, на протяжении почти всей трудовой жизни. Такая форма профиля считается стилизованным фактом и получила свое объяснение в ряде влиятельных экономических теорий, среди которых особое место принадлежит теории человеческого капитала. Однако недавние исследования в менее развитых странах не подтверждают универсальность подобных выводов. Исследования, проведенные в России, также сеют сомнения в том, что заработная плата всегда растет монотонно.В данной статье с использованием разных российских источников массовых данных за 2005-2015 гг. рассматриваются различия в зарплате между возрастными группами. Согласно им, повозрастной профиль выглядит «нестандартно». Это проявляется в том, что зарплата растет у 20-летних и 30- летних, после чего она начинает быстро снижаться. В статье предлагается объяснение этого явления через анализ повозрастных изменений в различных компонентах человеческого капитала. Среди последних выделяются уровень формального образования, интенсивность обучения и переобучения после завершения формального образования, развитость когнитивных и некогнитивных навыков, степень использования полученных знаний и навыков в повседневной трудовой деятельности. Ни один из этих компонентов не показывает такого монотонного роста с возрастом, который мог бы сделать профиль заработка более «стандартным». Наблюдаемая «нестандартность» профиля может быть связана не с возрастом, а с принадлежностью индивидов к определенным возрастным когортам. Хотя строгое разделение эффектов возраста, поколения и периода наблюдения требует специального исследования, приводимые в статье свидетельства позволяют предположить, что эффект возраста сохраняется.
{"title":"Age and Wage: Stylized Facts and Russian Evidence","authors":"Гимпельсон Владимир Ефимович","doi":"10.17323/1813-8691-2019-23-2-185-237","DOIUrl":"https://doi.org/10.17323/1813-8691-2019-23-2-185-237","url":null,"abstract":"Данное исследование посвящено различиям в заработной плате между возрастными группами российских работников. Существуют многочисленные эмпирические свидетельства того, что в развитых странах зарплата растет монотонно, хотя и с затухающим темпом, на протяжении почти всей трудовой жизни. Такая форма профиля считается стилизованным фактом и получила свое объяснение в ряде влиятельных экономических теорий, среди которых особое место принадлежит теории человеческого капитала. Однако недавние исследования в менее развитых странах не подтверждают универсальность подобных выводов. Исследования, проведенные в России, также сеют сомнения в том, что заработная плата всегда растет монотонно.В данной статье с использованием разных российских источников массовых данных за 2005-2015 гг. рассматриваются различия в зарплате между возрастными группами. Согласно им, повозрастной профиль выглядит «нестандартно». Это проявляется в том, что зарплата растет у 20-летних и 30- летних, после чего она начинает быстро снижаться. В статье предлагается объяснение этого явления через анализ повозрастных изменений в различных компонентах человеческого капитала. Среди последних выделяются уровень формального образования, интенсивность обучения и переобучения после завершения формального образования, развитость когнитивных и некогнитивных навыков, степень использования полученных знаний и навыков в повседневной трудовой деятельности. Ни один из этих компонентов не показывает такого монотонного роста с возрастом, который мог бы сделать профиль заработка более «стандартным». Наблюдаемая «нестандартность» профиля может быть связана не с возрастом, а с принадлежностью индивидов к определенным возрастным когортам. Хотя строгое разделение эффектов возраста, поколения и периода наблюдения требует специального исследования, приводимые в статье свидетельства позволяют предположить, что эффект возраста сохраняется.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67831023","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-01DOI: 10.17323/1813-8691-2019-23-4-562-584
A. Makarov, V. Kulagin, A. Galkina, T. Mitrova
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