EVOLUTION OF MONETARY INSTRUMENTS TO ENSURING PRICE STABILITY IN THE CONDITIONS OF EXOGENIC SHOCK
DOI:
https://doi.org/10.25313/3083-7782-2026-4-35Keywords:
financial crisis, pandemic, geopolitical conflicts, sustainable economic development, central bankAbstract
Introduction. The relevance of the study is due to the increase in the frequency and scale of exogenous shocks, which complicate the provision of price stability and require the improvement of monetary instruments.
Purpose. The purpose of the article was to determine the effectiveness of monetary instruments for ensuring price stability and to substantiate the directions of their improvement in the conditions of the influence of exogenous shocks.
Materials and methods. The research methodology is based on the use of general scientific and special methods of cognition, in particular analysis and synthesis, systematization, generalization, comparative analysis and a structural-logical approach to study the evolution of monetary instruments and the mechanisms of their influence on inflationary processes.
Results. As a result of the study, the main types of exogenous shocks were systematized by the sources of their occurrence and the key channels of their transmission into inflationary processes were identified. It was established that in open economies the impact of external shocks is more intense and is implemented through currency, financial and expectation channels. The evolution of traditional monetary instruments was analyzed and limitations of their effectiveness in conditions of increasing external risks were identified. The role of unconventional instruments in increasing the effectiveness of monetary policy is substantiated and the features of their application by central banks are determined. A comparative assessment of the effectiveness of monetary policy instruments is summarized, which made it possible to determine the expediency of their combined use.
Prospects. The practical significance of the research results lies in the possibility of their use by central banks and economic policy bodies in the development and implementation of monetary strategies aimed at ensuring price stability in conditions of increased external instability.
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Copyright (c) 2026 Марія Михайлівна Вакулич, Євгеній Петрович Костик, Олена Миколаївна Шевченко
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