Abstract
The observed facts about Russia's 2015 recession, such as acceleration of inflation and lack of increase in unemployment, lead to conclusion that this recession was caused by supply-side restrictions rather than a fall in aggregate demand. Although it is not easy to identify these restrictions, they may be connected with such things as increased administrative pressure on business or increased monopolization of the economy in combination with a general economic stagnation that had been lasting for several years already. Under these circumstances, standard monetary and fiscal policies cannot do much. Rather, revival of economic growth requires structural reforms aimed at development of competitive economic environments and rule of law.
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