We are proud to bring you this new issue of the Electronic Journal of the Faculty of Economics of Lomonosov Moscow State University.
This issue contains articles that discuss theoretical aspects of economic science, challenges of competition and industrial policy, cyclical and non-cyclical relationships of industry markets, human behavior patterns and forecasts in the field of financial markets and the economy as a whole in 2020.
The issue includes articles on macroeconomic policies and consumer behavior in financial markets, opportunistic behaviors in the field of security in the oil market and the impact of economic and institutional factors on carbon dioxide emissions into the atmosphere, food security and the role of agricultural holdings in agricultural development in Russia. The journal continues the good tradition of publishing articles by not only renowned scientists, but also talented beginning researchers.
The article “Impact of the Monetary Policy Rules on the Inflation Targeting” concludes that full control of the exchange rate or GDP does not allow for a successful monetary policy in an open economy. However, mixed inflation targeting with little control of GDP and the exchange rate is more effective in terms of Central Bank losses than pure inflation targeting. This conclusion is based on an assessment of all Taylor rules for sample countries before and after 2008. The analysis shows the division of countries on those who switched to pure targeting and those who switched to mixed targeting after 2008. However, the variation of the coefficients decreases over the years. The main conclusion is that for inflation-targeting countries, the coefficients of GDP and the exchange rate are mostly significant. The result of the study opens up the possibility for further analysis of specific measures to control output that central banks can carry out in order to stabilize inflation and achieve a successful monetary policy.
The article “Utility Function in the Problem of Describing Buyer Behavior on the Financial Market” substantiates the form of the expected utility function and an optimization task that describes the behavior of the buyer on the financial market. This result can be considered as a first step for applying game-theoretic methods to describe the processes occurring in the financial market.
The authors of the article, "Opportunistic Propensity of oil Companies in the Safety Issues", simulate a competitive market with two oil companies that decide whether to comply or not with the safety regulations. The results of the study show that in a competitive environment, companies choose behavioral strategies depending on the expected likelihood of verification, and the higher the probability of verification, the sooner the company will comply with safety rules.
The article “Assessing the Impact of Economic and Institutional Factors on CO2 Emissions” focuses on the study of economic and institutional factors affecting carbon dioxide emissions in 118 countries in 1996-2014. The authors confirmed their hypothesis that an increase in energy consumption and an increase in export volumes lead to an increase in CO2 emissions. This indicates that countries with a high level of production need to switch to more environmentally friendly types of production and renewable energy. The quality of institutions also affects the increase in emissions, since high-quality institutions contribute to an increase in GDP. However, after a certain threshold, emissions begin to decline, since a high level of economic development leads not only to the development of technology, but also to the improvement of financial institutions, which ultimately leads to a reduction in emissions.
The article “Modern Problems of Food Security and Nutrition in Russia” explores important target indicators of food security in Russia such as rational norms of food consumption and the average physiological requirement for energy and nutrients per person. Analysis of actual consumption shows that the nutrition of Russians is unbalanced, and the quality of the diet is deteriorating. Particularly noticeable negative changes occurred after 2014 as a result of the introduction of the food embargo, the devaluation of the ruble and the subsequent decline in household incomes and solvent demand for food. Given the current pandemic and its consequences, the relevance and importance of food aid, which should mitigate the deterioration of the economic situation and the decline in population incomes, are increasing. In addition, recent events show that healthy eating is a significant factor in the resistance of the COVID-19 pandemic, for which humanity does not yet have vaccines or specific medicine.
Review of the 144th meeting of the Dispute club “Economic Policy Knots” of the Association of the Russian Economic Think Tanks on the Topic “Do agricultural holdings contribute to the achievement of the national development goals of Russia?” introduces the reader to the results of discussions on the development of agricultural holdings and their impact on agricultural development in Russia. The participants in the debate emphasized that the development of agriculture is an extremely important issue, since the health of the country's population that requires high-quality food directly depends on it. The state should pursue a sound agricultural policy that takes into account the interests of business, both large and small, as well as the interests of the population. It is imperative to provide social guarantees, develop rural areas and not forget about sustainability issues so that current development does not harm future generations.
We are looking forward to your feedback on the articles published in this issue and welcome possible future cooperation.
The President of the Faculty of Economics
Lomonosov Moscow State University
Professor Vasiliy P. Kolesov
Deputy Chief Eeditor
Head of the Department of
Philosophy and Methodology of Economics of the
Faculty of Economics of
Lomonosov Moscow State University
Professor Leonid A. Tutov