The Model of the Production Side of the Russian Economy: the Updated Version

Abstract

In this paper we propose the new version of the model of the production side of the Russian economy presented in [25]. We add several new features such as more general production function, more tractable human capital variable and the method of COVID-19 pandemic shock description. The new version of the model is capable of reproducing the wide set of main Russian macroeconomic indicators with sufficiently high accuracy even during the COVID-19 pandemic.