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Historians do not know much about Paisiy Yaroslavov. He appears to have been a prominent figure during the reign of Ivan III. In 1478-1482, he was an hegumen at the Troitse-Sergiyeva Lavra. Archbishop Gennadius of Novgorod is known to have asked for Paisius Yaroslavov's opinion on the Second Coming. Ivan III proposed to Paisius to replace Metropolitan Gerontius upon the latter's death in 1489. During the church sobor of 1503, Paisiy Yaroslavov spoke against monastic landownership.
Paisius Yaroslavov is known to have authored Сказание о Спасокаменском монастыре (The Tale of the Kamenny Monastery), which tells about the history of this monastery and Christianity's struggle against paganism in the area. He also wrote О втором браке великого князя Василия (On the Second Marriage of Grand Prince Vasili), which provides valuable information on the role of different clergymen in this marriage and also contains messages from four ecumenical patriarchs and monks from Mount Athos.