№ 6/2023

Fìnansi Ukr. 2023 (6): 47–60https://doi.org/10.33763/finukr2023.06.047

MONETARY POLICY

ZHALILO Yaroslav ¹

¹The National Institute for Strategic Studies
OrcID ID : https://orcid.org/0000-0002-8825-2880

Unconventional inflation and anti-inflationary partnership

Introduction. In the last decade, the global economy has seen an intensification of inflation trends, the nature of which goes beyond the standard duality of demand-driven and cost-driven inflation. This puts the significant limitations on the performance of conventional anti-inflationary tools and pushes to active studying of the given phenomenon.
Problem Statement The task becomes relevant to specify the institutional changes, necessary to overcome the structural disproportions, responsible for the inflationary trends in modern economy.
Purpose. To specify the factors of price growth of non-monetary nature, and to determine the ways to overcome their impact based on the institutional modernization of the national economy.
Methods. General scientific and special methods have been used, such as: analysis, synthesis, induction, method of theoretical generalization, deduction, transition from abstract to concrete.
Results. The specific features of unconventional inflation have been determined as having the institutional nature. Based on the study of modern anti-inflationary strategies of developed countries, the need has been proven to recover the institutional framework of monetary transmission based on the implementation of wider scope of public policy tools. The effectiveness of partner actions facing unconventional inflations has been proven. The main features of anti-inflationary partnership have been determined. The direction of actions has been prescribed for main partners: the National Bank, commercial banks, the government, business, local self-governance, bodies , ordinary people.
Conclusions. The phenomenon of unconventional inflation, that has become globally widespread in recent years, necessitates significant widening the range of the tools of anti-inflationary policy, and the involvement of a comprehensive range of stakeholders, capable to mitigate the impact of inflation drivers. Their partner interaction according to the defined priority directions can ensure the synergy in the impact on the unconventional inflation factors due to strengthening the adaptive capacity to institutionally determined changes in assets’ prices.

Keywords:unconventional inflation, anti-inflationary policy, monetary transmission, banking system, institutional modernization

JEL: E52, E61

ZHALILO Y. . Unconventional inflation and anti-inflationary partnership / Y. . ZHALILO // Фінанси України. - 2023. - № 6. - C. 47-60.

Article original in Ukrainian (pp. 47 - 60)

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