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The Macroeconomic Production Function of Russia in 1990–2017
 
PIIS042473880006708-7-1
DOI10.31857/S042473880006708-7
Publication type Article
Status Published
Authors
Olga Ponomareva 
Occupation: Senior Research Scholar
Affiliation: Central Economics and Mathematics Institute, Russian Academy of Sciences
Address: Moscow, Russian Federation
Anton Afanasiev
Occupation: Leading scholar
Affiliation: Central Economics and Mathematics Institute, Russian Academy of Sciences
Address: Nakhimovsky prospekt, 47
Journal nameEkonomika i matematicheskie metody
EditionVolume 56 Issue 1
Pages67-78
Abstract

In our article published previously in this Journal (Afanasiev, Ponomareva, 2014), we offered the econometric study of three types of macroeconomic production functions of the Russian Federation in 1990–2012: function with labor and capital, function with production infrastructure (the fixed funds of the transport and communications sectors of Russia), and function with a world price for Brent crude oil. In the present article, which is a continuation of the above mentioned, an econometric study of production functions is performed over an extended time period 1990–2017, taking into account the revised statistics for the world oil price in 2011–2012. The investigated production functions adequately (i.e. from the point of view of the classical criteria of econometrics and meaningful meaning) describe the process of extended reproduction of the Russian Federation national economy for 1990–2017. The distinctive features of this study are the method of converting fixed assets to comparable prices, relatively stable in time coefficients of the studied production functions with an extension of the time series and good predictive power of production functions characterized by low ex-post forecast errors.

Keywordsnational economy, production function, Russia, capital, labor, price, Brent oil.
Received21.10.2019
Publication date20.03.2020
Number of characters17733
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