Pub Date : 2022-01-01DOI: 10.17323/1813-8691-2022-26-3-429-449
M. Turuntseva, V. Zyamalov
{"title":"Hedonic Price Indices: Application to the Russian Market","authors":"M. Turuntseva, V. Zyamalov","doi":"10.17323/1813-8691-2022-26-3-429-449","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-3-429-449","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67839318","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-2-177-212
A. Zamnius, A. Polbin, S. Sinelnikov-Murylev
In order to estimate the elasticity of labor supply in Russia, we use an estimation approach based on the works of [Altonji, 1986; Kimmel, Kniesner, 1998], which allows one to obtain the values of the structural parameters of the utility function needed to calculate the Marshallian, Hicksian, and Frisch labor supply elasticities by estimating the marginal rate of substitution equation. Using a five-step estimation procedure we eliminate the important sources of estimation bias: measurement errors, selection bias, correlation of wages and consumption with unobserved preferences for consumption and leisure. The paper provides an econometric analysis of the labor supply function in Russia for the period 2000–2018 based on RLMS–HSE microdata for married men. The analysis indicates that wage rates for men in Russia are increasing at a decreasing rate. In addition, grow in inflation reduces consumer spending on non-durable goods, which may be due to the reaction of individuals to an increasing level of uncertainty in future income, ex-pressing in decreased propensity to consume and increased savings, which is referred to as the precautionary motive. Estimates of the hours worked equation show that the labor supply of men in the Russian economy reacts weakly to permanent wage shocks, in contrast to transitive ones. Moreover, the change in hours worked in response to a negative permanent shock is posi-tive, indicating that the income effect prevails over the substitution effect. Based on the calcula-tions performed, estimates of Frisch (0,139), Hicksian (0,119) and Marshallian (–0,029) labor supply elasticities along the intensive margin for men were obtained. The calculated elasticities can be used in evaluating various tax policy measures.
{"title":"The Labor Supply Elasticity for Married Men in Russia","authors":"A. Zamnius, A. Polbin, S. Sinelnikov-Murylev","doi":"10.17323/1813-8691-2022-26-2-177-212","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-2-177-212","url":null,"abstract":"In order to estimate the elasticity of labor supply in Russia, we use an estimation approach based on the works of [Altonji, 1986; Kimmel, Kniesner, 1998], which allows one to obtain the values of the structural parameters of the utility function needed to calculate the Marshallian, Hicksian, and Frisch labor supply elasticities by estimating the marginal rate of substitution equation. Using a five-step estimation procedure we eliminate the important sources of estimation bias: measurement errors, selection bias, correlation of wages and consumption with unobserved preferences for consumption and leisure. The paper provides an econometric analysis of the labor supply function in Russia for the period 2000–2018 based on RLMS–HSE microdata for married men. The analysis indicates that wage rates for men in Russia are increasing at a decreasing rate. In addition, grow in inflation reduces consumer spending on non-durable goods, which may be due to the reaction of individuals to an increasing level of uncertainty in future income, ex-pressing in decreased propensity to consume and increased savings, which is referred to as the precautionary motive. Estimates of the hours worked equation show that the labor supply of men in the Russian economy reacts weakly to permanent wage shocks, in contrast to transitive ones. Moreover, the change in hours worked in response to a negative permanent shock is posi-tive, indicating that the income effect prevails over the substitution effect. Based on the calcula-tions performed, estimates of Frisch (0,139), Hicksian (0,119) and Marshallian (–0,029) labor supply elasticities along the intensive margin for men were obtained. The calculated elasticities can be used in evaluating various tax policy measures.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67837934","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-2-270-284
M. Gorskiy, M. Khalikov, I. Vnukov
{"title":"The Choice of a Compromise Rate for Intra-Company Lending of Enterprises","authors":"M. Gorskiy, M. Khalikov, I. Vnukov","doi":"10.17323/1813-8691-2022-26-2-270-284","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-2-270-284","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67838056","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-4-598-622
N. Makeeva, I. Stankevich
{"title":"Nowcasting of the Components of Russian GDP","authors":"N. Makeeva, I. Stankevich","doi":"10.17323/1813-8691-2022-26-4-598-622","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-4-598-622","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67839137","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-2-213-239
S. Roshchin, N. Yemelina
{"title":"Meta-analysis of the Gender Pay Gap in Russia","authors":"S. Roshchin, N. Yemelina","doi":"10.17323/1813-8691-2022-26-2-213-239","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-2-213-239","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67838090","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-3-375-403
G. Besstremyannaya, S. Golovan
The paper analyzes the impact of provider altruism and motivation on the outcomes of pay-for-performance reimbursement in healthcare, where a fixed price contract on quantity is supplemented with a relative performance contract on quail-ty. We develop a theoretical model which forecasts the crowding out of most altruistic providers. Using the example of Medicare’s nationwide natural experiment with a relative performance contract on quality (the data for 3000 acute care hospitals in 2004–2017, with the incentives contract implemented since 2013), we con-duct an empirical test of the model predictions. We assume that altruism is heterogeneous across hospitals and the values of altruism in each hospital are higher for quality measures which are strongly associated with the patient’s benefit. The analysis employs dynamic panel data estimations to account for «habit-formation» and we exclude pre-reform and post-reform «regression-to-the-mean» effects by modeling the time-dependent long-term mean as a function of hospital characteris-________________________________ tics. We focus on highest-quality hospitals and discover a deterioration of quality measures, which may be linked to the patient’s benefit (communication of patients with medical personnel and ability to receive help promptly). It may be interpreted as an illustration of the fact that relative performance incentive contracts may be associated with crowding altruistic providers out of the healthcare market.
{"title":"Provider Altruism in Incentives Contracts: Medicare’s Quality Race","authors":"G. Besstremyannaya, S. Golovan","doi":"10.17323/1813-8691-2022-26-3-375-403","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-3-375-403","url":null,"abstract":"The paper analyzes the impact of provider altruism and motivation on the outcomes of pay-for-performance reimbursement in healthcare, where a fixed price contract on quantity is supplemented with a relative performance contract on quail-ty. We develop a theoretical model which forecasts the crowding out of most altruistic providers. Using the example of Medicare’s nationwide natural experiment with a relative performance contract on quality (the data for 3000 acute care hospitals in 2004–2017, with the incentives contract implemented since 2013), we con-duct an empirical test of the model predictions. We assume that altruism is heterogeneous across hospitals and the values of altruism in each hospital are higher for quality measures which are strongly associated with the patient’s benefit. The analysis employs dynamic panel data estimations to account for «habit-formation» and we exclude pre-reform and post-reform «regression-to-the-mean» effects by modeling the time-dependent long-term mean as a function of hospital characteris-________________________________ tics. We focus on highest-quality hospitals and discover a deterioration of quality measures, which may be linked to the patient’s benefit (communication of patients with medical personnel and ability to receive help promptly). It may be interpreted as an illustration of the fact that relative performance incentive contracts may be associated with crowding altruistic providers out of the healthcare market.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67837860","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-4-523-551
G. Trofimov
This paper offers a time-continuous competitive storage model and provides an analysis of the model solution. The model is relevant to the mineral commodity markets with traders managing inventories and getting speculative profits. The model includes serially correlated shocks of net supply and an upper boundary on the storage capacity. The no-arbitrage conditions on commodity trade imply the existence of the equilibrium price function under the standard boundary conditions on speculative trade. The equilibrium price is determined by the state variable defined as the long-term availability of commodity, which is the sum of storage and the expected cumulative disturbances of net supply. An approximate solution for a low-elastic net demand on commodity is derived in the explicit form. Numerical simulations of the equilibrium price function are conducted to examine the effects of the model parameters on this function.
{"title":"Competitive Storage and Commodity Price in Continuous Time","authors":"G. Trofimov","doi":"10.17323/1813-8691-2022-26-4-523-551","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-4-523-551","url":null,"abstract":"This paper offers a time-continuous competitive storage model and provides an analysis of the model solution. The model is relevant to the mineral commodity markets with traders managing inventories and getting speculative profits. The model includes serially correlated shocks of net supply and an upper boundary on the storage capacity. The no-arbitrage conditions on commodity trade imply the existence of the equilibrium price function under the standard boundary conditions on speculative trade. The equilibrium price is determined by the state variable defined as the long-term availability of commodity, which is the sum of storage and the expected cumulative disturbances of net supply. An approximate solution for a low-elastic net demand on commodity is derived in the explicit form. Numerical simulations of the equilibrium price function are conducted to examine the effects of the model parameters on this function.","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67839266","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-3-404-428
Y. Vymyatnina, Y. Raskina, E. Artyukhova, E. Babkina
{"title":"Market Reforms in Electricity Sector: Pros and Cons","authors":"Y. Vymyatnina, Y. Raskina, E. Artyukhova, E. Babkina","doi":"10.17323/1813-8691-2022-26-3-404-428","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-3-404-428","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67837922","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-4-497-522
A. Smirnov
{"title":"The «Collateralized» Ruble: Deus ex Machina?","authors":"A. Smirnov","doi":"10.17323/1813-8691-2022-26-4-497-522","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-4-497-522","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67839149","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 : 2022-01-01DOI: 10.17323/1813-8691-2022-26-4-623-646
J. Trifonov, B. Potanin
{"title":"Semi-Nonparametric Generalized Autoregressive Conditional Heteroscedasticity Model with Application to Bitcoin Volatility Estimation","authors":"J. Trifonov, B. Potanin","doi":"10.17323/1813-8691-2022-26-4-623-646","DOIUrl":"https://doi.org/10.17323/1813-8691-2022-26-4-623-646","url":null,"abstract":"","PeriodicalId":37657,"journal":{"name":"HSE Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67840197","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}
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