MONETARY POLICY

SELIVERSTOV Valerii ¹

¹Zaporozhye National Technical University
OrcID ID : https://orcid.org/0000-0003-2601-8834

Features of the impact of the central banks monetary policy instruments on the price stability

In current conditions of global finance’s development the study of features of the main central banks conventional and unconventional monetary instruments’ impact on price stability is gaining particular importance. The paper is an attempt to navigate these difficult problems by building regression models at the first stage of analysis, and vector error correction models (VEC-models) at the second stage. It was used the method of least squares for regression analysis, built-in analysis package “Microsoft Excel”, and package “E-Views” to construct the VEC-models. In both models it was used the following time series: the consumer price index, the overnight rate, the currency in circulation and the index of fuel and non-fuel commodities. The obtained results of the study indicate a lack of conclusive evidence of the inflation targeting achievement by the main central banks only with application of monetary instruments.

Keywords: central banks, price stability, monetary policy instruments, regression model, VEC-model.

JEL: E17, E31, G21.

SELIVERSTOV V. . Features of the impact of the central banks monetary policy instruments on the price stability / V. . SELIVERSTOV // Фінанси України. - 2015. - № 3. - C. 45-58.