Macroeconomic Analysis and General Economic Equilibrium of Kazakhstan

Abstract

The paper studies general equilibrium in the economy of Kazakhstan. The IS-LM-BP curves are plotted based on corresponding regression models of the real GDP. The exogenous variables are taken for the regressions according to the theoretical propositions. The quarterly data for 2008Q1-2022Q4 published in the datasets and bulletins of the Committee for Statistics and the National Bank of the republic of Kazakhstan were used. Some consequences of the change in the exchange rate regime and in macroeconomic policy framework on macroeconomic relationships were revealed. This study demonstrates the general equilibrium state of the national economy and specifications of the curves listed above.