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Cyclical Properties of Macroeconomic Policy in Oil-Reach Country (Draft)

The study, I investigate the cyclicality properties and relative effectiveness of monetary and fiscal policy for 13 oil exporting country during 1993-2011 by pool model. The paper presents evidence that supports the link between an Index of Institutitunal Quality (law and order, government stability, investment profile, etc.), the cyclicality of macroeconomic policy, and the volatilities of output and the iii) relative effectiveness of fiscal policies in oil-exporting countries. The main finding is that macroeconomic policy is significantly pro-cyclical in countries where institutions exhibit low quality. Empirical result show that during 1993-2011 period resource-rich countries that exhibited institutional quality index averages above the threshold range in Iran, Kazakhstan, Kuwait, Norway, Saud Arabia, UEA and Russia. Finally, we find that the effect of fiscal policy on economic cycle first than monetary policy, because of monetary policy obeys the fiscal goals so money supplies to be high in booming and has positively correlation with the cycle. But monetary policy has greater influence than fiscal policy. The paper shows that focused countercyclical macroeconomic policies are feasible in oil-dependent countries.