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Препринт

Macroeconomic Policy in an Export-Oriented Economy

The problem of fiscal and monetary policy interaction in resource economy demands consideration of specific macroeconomics relationships in an export-oriented country with undeveloped financial markets. We consider specific channels of fiscal and monetary policy interaction in an open economy with an exchange rate management, which influences fiscal position. In this paper we build a stylized model of an export-oriented economy. We investigate the impact of macroeconomic policies on the dynamics of the exchange rate, inflation, output and stabilization fund and consider different forms of strategic interaction between the government and the central bank. It is shown that the independence of the central bank does not play a crucial role. The effective interaction of fiscal and monetary policies is possible with the government as leader and under cooperation.