Value of statistical life (VSL) is a widely used instrument for risk monetizing towards public policy planning in many developed countries. In Russia, due to the lack of data required for calculations, there are practically no credible estimates comparable in terms of methodology used, while those that are obtained using a different methodology hereupon differ significantly in magnitude. In our research, the value of statistical life in Russia is estimated using the comparable to foreign studies’ methodology, based on the RLMS-HSE survey microdata, the Russian (Rosstat) data, and the U.S. (BLS CFOI) data on occupational risks for 2018. The basic idea of this approach is to determine the willingness of employees to accept compensation for occupational risk. The resulting estimates of the VSL are in the range from 366,2 to 497,6 million rubles (2018). These values are significantly higher than all available estimates for Russia obtained using a different methodology but comparable to the corresponding values calculated with a similar methodology for the United States, considering the difference in GDP per capita at PPP.

This paper examines how the COVID-19 pandemic will affect macroeconomic policy, setting the dynamics of interest rates in the short to medium term for developed countries and developing (transition) economies. The macroeconomic model of general equilibrium (IS-LM) was chosen as a simple tool for analysis allowing us to identify mechanisms for translating the effects of the pandemic and the corresponding government policy on interest rates. We emphasize the fundamental differences of the situation in the countries that were already in a liquidity trap at the beginning of the pandemic and in the economies still far from this state. The results of the analysis demonstrate the limited effectiveness of monetary policy to restore economic activity in both groups of the countries and the need for fiscal stimulus to reduce uncertainty (or lower the slope of the model curves). Under these conditions, the capacity of debt financing of additional public expenditures, the functioning of the financial sector and ensuring macroprudential stability pose serious problems for economic policy.

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Estimates of the value of life, reflecting society’s preferences regarding the choice between safety and money, are key indicators for state management in areas such as healthcare, transport, demographic policy, and environmental protection. This article is a logical continuation of the previous research presenting the initial estimates of the value of life in Russia based on analysis of the revealed preferences about employment in industries associated with high fatality risks. In addition to the previous results, this study provides a new theoretical model explaining the logic of choosing employment considering fatality risks and offers estimates of the value of life across educational and age groups. The empirical part of the paper is based on the RLMS HSE data for the period from 2010 to 2020; the author uses panel regression with random effects. The analysis shows that the average value of life in Russia is 287 million rubles, varying from 241 to 450 million rubles depending on levels of education achieved, and considering age value of life ranges from 329 to 349 million rubles (in those groups for which estimates are significant). Possible explanations for this variability are related to the human capital factor, which changes with age and education level. At the same time, the impact of human capital on the value of life can be both positive and negative.