DIRECTIONS OF MONETARY AND FISCAL POLICY MUTUAL CONSISTENCY IN ORDER TO ACHIEVE MACROECONOMIC STABILITY

In circumstances of destabilizing factors’ action the achieving of macroeconomic stability through implementation of monetary and fiscal policy becomes particularly relevant. The purpose of this research is to develop theoretical and methodological recommendations on directions of monetary and fiscal policy mutual consistency in order to achieve macroeconomic stability. The subject of the study is theoretical, methodological and empirical aspects of monetary and fiscal instruments' interaction's impact on macroeconomic indicators. In this research the following methods were used: general scientific methods of analysis, synthesis, comparison, observation, abstraction, formalization, as well as some specific statistical methods, such as methods of grouping, summarizing, indexes and graphical. This paper presents possible directions of interaction between actions of the Central bank and the government, substantiates the necessity of mutual consistency between governmental regulation instruments, and determines optimal scenarios of their coordination in order to reach macroeconomic stability. The conclusions of the research and recommendations can be used in the development of policy documents by the National Bank of Ukraine and the Government. Theoretical findings of the research are confirmed by the results of performed statistical analysis of the data on Ukrainian economy for the period from 1991 to 2013 years. These findings demonstrate that the correct application of mutually agreed instruments of monetary and fiscal policy is highly effective in reduction of the economic system vulnerability to shocks.