Intensive Restructuring of Production as a Factor in Macroeconomic Dynamics

The article analyzes the macroeconomic consequences of long-term and intensive transformations of the production structure. It is shown that, unlike idiosyncratic shocks taken into account in standard New Keynesian dynamic and stochastic general equilibrium models, such changes form an independent, stable impulse on the supply side, capable of leading the economy to a special quasi-stationary state with reduced output and elevated prices. Based on the extended AD-AS model, the conditions for the emergence of a “short-long-term” equilibrium are identified and the dynamics of inflation in the process of transition to this regime are described.