NOTE: It's important that you go read In a medieval setting, how far apart should towns be?, especially Erin Thursby's excellent answer, and Travel time in Medieval times with AlexP's excellent answer. In a very real sense, what you're suggesting isn't reasonable. What you mean by "large city" matters A LOT. It's more likely that the travel time between two "large cities" was a week or more on mainland Europe. I'm proceeding with your question as-asked, but your specifics can change this answer.
The rules of today don't apply to the 1600s
A day's worth of travel on horseback or by carriage stinks. Yes, people did it, but only when they had a reason to do it. People didn't travel for any old holiday or a bit of time off like they do today. They would travel for business and very specific events — if at all.
Consequently, your quiet little town snuggled a day's ride between two large cities would hardly grow at all save by births. Oh, if it was exactly right it might host a villa or two for the insanely wealthy who wanted to enjoy the smell of nature for a week or two, but that's it. Because the amenities of cities in the medieval era were addicting. More jobs, services, goods, entertainment, education (to a degree)... not to mention court intrigue, society gossip, and someone else to clean the street than yourself... None of which is available in said small town.
There might be a pub or two depending on size. It's more likely to be the center of a small region of agriculture, hunting, or fishing. That means stables and barns (I hesitate to call them warehouses).
The boon to economy wouldn't be due to travel, but due to demand for the products harvested, gathered, mined, or created by the townsfolk. There's actually more reason for the townsfolk to visit the cities than there is reason for the residents of the cities to visit the town (with the exception of tax collectors). If the demand for goods increased, that would create a demand for laborers. Of course, there's always the possibility of a local abbey, shrine, holy ground, etc. that brings people in terms of pilgrimage, but I'm ignoring special cases like that.
Remember... horses, wagons, and carriages... for a day. If you've never done it, you need to experience it. Sore rear bumper, let's leave it at that.
As I said, the rules and behaviors of today simply don't apply that far back in history. People didn't just live in the same region all their lives... or in the same town all their lives... they frequently lived in the same house all their lives. Why do I know this? I once was very involved in medieval genealogy. People didn't move around anywhere near as much as you might think. They'd move due to war or disease. They might move if the demand for goods dropped (unlikely as cities grew). But for the most part, people stayed put.
Which means the basic economy of a town in the 1600s was...
- very small and
- intensely local.
Exports were highly valued because they were the source of new money for the town's economy. Most small towns (BTW, you don't say how small, that's actually kinda important) exported "raw goods," meaning unprocessed grains and foodstuffs, smoked/salted meats, lumber and mined metals. Occasionally you'd find artisans, but most of the time the artisans are in the cities where the big money is.
Let me leave you with a resource that can give you a broad idea of where to start with this kind of development. It's distilled from historical information, but it's presented simplistically in the form of a game reference. I find it's quite useful for quickly setting up the situation. Use it to give you an idea of what kinds of businesses, etc., you might find in a town of the size you're interested in — and remember, people from the big cities won't travel to use any of those services, because they all exist in the big city already.
Medieval Demographics Made Easy
And don't forget to read those two questions I linked to at the beginning.