Bearing the cost of politics: Consumer prices and welfare in Russia

Hinz J, Monastyrenko E (2022)
Journal of International Economics 137: 103581.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
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Autor*in
Hinz, JulianUniBi ; Monastyrenko, Evgenii
Abstract / Bemerkung
In August 2014, the Russian Federation implemented an embargo on select food and agricultural imports from Western countries in response to previously imposed economic sanctions. In this paper we quantify the effect of this embargo on consumer prices and welfare in Russia. We provide evidence for the direct effect on monthly consumer prices with a difference-in-differences approach. The embargo caused prices of embargoed goods to rise by up to 7.7% - 14.9% in the short run and by on average 2.6% - 8.1% until at least 2016. The results further suggest the shock was transmitted to non-embargoed sectors through domestic input-output linkages. We then construct a general equilibrium Ricardian model of trade with input-output linkages and goods that are tradable, non-tradable or embargoed. The model-based counterfactual analysis predicts the overall price index in Russia to have increased by 0.33% and welfare to have declined by 1.84% due to the embargo. (C) 2022 Elsevier B.V. All rights reserved.
Stichworte
Embargo; Sanctions; Consumer prices; Trade policy; Sectoral linkages
Erscheinungsjahr
2022
Zeitschriftentitel
Journal of International Economics
Band
137
Art.-Nr.
103581
ISSN
0022-1996
eISSN
1873-0353
Page URI
https://pub.uni-bielefeld.de/record/2964636

Zitieren

Hinz J, Monastyrenko E. Bearing the cost of politics: Consumer prices and welfare in Russia. Journal of International Economics. 2022;137: 103581.
Hinz, J., & Monastyrenko, E. (2022). Bearing the cost of politics: Consumer prices and welfare in Russia. Journal of International Economics, 137, 103581. https://doi.org/10.1016/j.jinteco.2022.103581
Hinz, J., and Monastyrenko, E. (2022). Bearing the cost of politics: Consumer prices and welfare in Russia. Journal of International Economics 137:103581.
Hinz, J., & Monastyrenko, E., 2022. Bearing the cost of politics: Consumer prices and welfare in Russia. Journal of International Economics, 137: 103581.
J. Hinz and E. Monastyrenko, “Bearing the cost of politics: Consumer prices and welfare in Russia”, Journal of International Economics, vol. 137, 2022, : 103581.
Hinz, J., Monastyrenko, E.: Bearing the cost of politics: Consumer prices and welfare in Russia. Journal of International Economics. 137, : 103581 (2022).
Hinz, Julian, and Monastyrenko, Evgenii. “Bearing the cost of politics: Consumer prices and welfare in Russia”. Journal of International Economics 137 (2022): 103581.

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