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after its official publication; posted on the Bank of Russia website on 8 May 2020). The reference to the Press Service is mandatory if you

4.4 Nominal wages 11.6 7.5 8.2 9.1 8.1 … … Real wages 8.5 2.9 4.6 6.5 5.

Three-fourths of borrowers properly resume their repayments after mortgage holidays 13 May 2020 News Share VKontakte WhatsApp Telegram In 2020 Q1, over 8,000 mortgage

Financial Pulse: economic activity on course to speed up in May as curbs gradually lifted 8 May 2020 News Share VKontakte WhatsApp Telegram Economic activity

Pension funds’ portfolios stay stable in Q1 despite volatility 8 May 2020 News Share VKontakte WhatsApp Telegram Pension resources of non-governmental pension funds (NPF) shrank

Bank of Russia lowers the volume of coupon bond placement 8 May 2020 News Share VKontakte WhatsApp Telegram The Bank of Russia decided not to

Literature Review.................................................................................................. 6 3. Methodology ......................................................................................................... 7 4. Micro-level database ............................................................................................ 8 5. Impact of changing aggregate assumptions...................................................... 8 6. Results................................................................................................................. 10 7. Conclusion .......................................................................................................... 14 References ..................................................................................................................... 15