TY  - JOUR
TI  - Macroeconomic Policy Model in an Export-Oriented Economy
T2  - HSE Economic Journal 
IS  - HSE Economic Journal 
KW  - stabilization fund
KW  - monetary policy
KW  - macroeconomic model
AB  - In this paper we build a model that describes the interaction between the government and the central bank in an export-oriented economy. In our model we investigate the impact of macroeconomic policies on the dynamics of the exchange rate, inflation, output and stabilization fund. In the modern Russian economy fiscal policy is contractionary, while monetary policy is excessively loose. Our analysis shows that this situation is not optimal for society: social loss can be more effectively decreased by having moderately expansionary policies pursued by both the central bank and the government.
AU  - Sergey Pekarski
AU  - Mariya Atamanchuk
AU  - Sergey Merzlyakov
UR  - https://ej.hse.ru/en/2008-12-3/26561705.html
PY  - 2008
SP  - 337-364
VL  - 12