THE IMPACT OF THE ,, SUM " EXCHANGE RATE ON OUTPUT IN THE REGIONAL

In this a description of the research aimed at identifying and optimizing the study methodology of the dynamics of the exchange rate fluctuations and the factors affecting it is given. This research examines the regional heterogeneity of the impact of the ruble exchange rate dynamics on output. The research shows the regional heterogeneity of the influence of the exchange rate on the output, notes the possibility of both preserving and changing the nature of the said impact, depending on the general economic conditions.

Also, proposals and recommendations given on the method of regulating and organizing the formation of foreign exchange reserves in the Special Drawing Rights (SDRs), as well as the influence of international trade between countries on the dynamics of the exchange rate. In addition, information on measures taken by the Federal Reserve System to prevent sharp fluctuations of the U.S. dollar. Through the monetary policy models, the main macroeconomic indicators, namely: GDP, unemployment, interest rate, inflation, and etcs., were adopted to apply the process of evaluating the impact directly on the exchange rate. Finally, we validate the model-implied co-movement trade between relative prices and technology differentials using a panel of cross industry-country data and industry prices.