Exchange rate as a tool of macroeconomic stabilization

The artical is devoted to the analysis of use of currency exchange rate as an instrument of macroeconomic policy. Theoretical proof of influence of devaluation of national currency on trade balance is caried out. The results of depreciation of currencies in USA, Japan and Russia are analyzed. The author deducts the ambivalent character of influence of devaluation on macroeconomic indexes. The research of the crises in 1998 and 2008 in Russia revealed positive and negative effects caused by devaluation. Decrease of negative effects is possible by implementation of "clear" policy regulation of currency exhcange rate by the Bank of Russia to reduce negative market expectations.