That moderate reflation at times of recession can be justified. What is rarely attempted is the finetuning

Of the economy that occurred in earlier decades.

The action of government or trade associations to stabilize the price of certain commodities. By

Holding stocks of the item in question, the authorities can, at least temporarily, affect demand and

Supply in the market and maintain a constant.

Commentary and Notes to Text 16.7.1.2

A testimony — свидетельство

A stop-go cycle — фаза цикла, принятая британскими экономистами для описания

Завершающегося периода фиксированного валютного курса

Reflation — рефляция

To overheat — перегреваться

Deflation — дефляция

In advance — с опережением, заранее

The equilibrium level of unemployment — равновесный уровень безработицы

Built-in stabilizing factors — встроенные стабилизационные факторы

Unemployment benefits — пособия по безработице

16.7.1.3. Read, translate the text "IMF Executive Board Concludes 2005 Article IV Consultation

with the Russian Federation" and answer the question: How does the IMF report estimate the

current state of the Russian economy?

IMF Executive Board Concludes 2005 Article TV Consultation with the Russian

Federation

Under Article IV of the IMFs Articles of Agreement, the IMF holds bilateral discussions with