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This paper discusses the importance of institutional innovators of modern institutional environment and the relationship of political business cycles and fiscal consolidation. The main purpose of the study is an analysis of the latest trends in modern macroeconomic policy in Ukraine, analysis of the impact of institutional innovators to market institutions, consideration of issues of fiscal consolidation and efficiency of the public sector from the standpoint of fiscal asymmetry. This article discusses the theoretical foundations of the institutions as the regulatory standards of management; discusses the importance of institutional innovators in the institutional environment; an interrelation of political business cycles and fiscal consolidation; an interrelation of informal institutions with macroeconomic policies. The analyses of public debt showed an inefficiency of the distribution system of public finance and found the deformation of market mechanisms and the creation of artificial barriers to economic agents. A necessity of changing the structural model of public finances, attracting new institutional innovators programs of fiscal consolidation, is proved in the article. Author Biography Ольга Сергеевна Поликарпова, Ternopil National Economic University, Lvivska Str. 11, Ternopil, 46020 Candidate of Economic Sciences, Senior Lecturer Department of Economic Theory

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