Macroeconomic Policy: Going back to Origins?

Abstract

Decline in public interest to ";;pure";; economic theory is disturbing fact. This paper considers the main macroeconomic hypothesis through their implementation in practice - macroeconomic policies in the USA, in post-soviet countries (Russia and Georgia) and Turkey as well. Stabilization policy of these countries experiences that governments combine keynesian discretionary policy and classical rules. The so-called economic stabilization programs for Russia, Georgia and Turkey sponsored by the IMF have led to absolutely different and not always positive results. In particular, Russia overcame recession and financial crises of 1998 without IMF loan. Georgia now is looking for the new program. The programs were faulted because they did not take into consideration all peculates of post-communist economies. Most successful this program was in Turkey that has achieved macroeconomic stability and high rate of growth.