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Title The impact of inflation targeting on macroeconomic indicators in Ukraine
Other Titles Вплив інфляційного таргетування на макроекономічні показники в Україні
Authors Kuzheliev, M.
Zherlitsyn, D.
Rekunenko, Ihor Ivanovych  
Nechyporenko, A.
Nemsadze, G.
Keywords inflation
monetary policy
growth
emerging economy
regression
simultaneous equation
Type Article
Date of Issue 2020
URI https://essuir.sumdu.edu.ua/handle/123456789/81947
Publisher Businness Perspectives
License Creative Commons Attribution 4.0 International License
Citation The impact of inflation targeting on macroeconomic indicators in Ukraine = Вплив інфляційного таргетування на макроекономічні показники в Україні / M. Kuzheliev, D. Zherlitsyn, I. Rekunenko, A. Nechyporenko, G. Nemsadze // Banks and Bank Systems. — 2020. — Volume 15, Issue 2. — P. 94-104. — http://dx.doi.org/10.21511/bbs.15(2).2020.09
Abstract The correlation between macroeconomic dynamics and the inflation rate is the subject of many economic studies. The principles of monetary policy are developed in classical economics studies, which are based on the theories of Keynes, Phillips, Campbell, etc. However, classic approaches require practical validation, especially with regard to modern economic trends in times of crisis and emerging economies. Therefore, the purpose of the paper is to investigate and summarize the impact of inflation targeting and other key monetary policy instruments on fundamental economic indicators in Ukraine during periods of stability and crises. An empirical analysis is based on official statistics from Ukraine for 2011–2019. This study uses econometric methods (multivariate regression and simultaneous equation model), which are applied for the general and transmission impact of inflation on the estimation of economic growth. The results prove that inflation does not affect (less than 0.46 linear correlation) fundamental economic indicators during periods of real GDP growth and a quarterly CPI level of less than 2%. On the other hand, there are significant simultaneous regressions (more than 0.8 coefficients of determination) between unemployed, spending on real final consumption, hryvnia exchange rate and monetary policy instruments (discount rate, international reserves, amount of government bonds, M3 monetary aggregate) for periods when the quarterly CPI (consumer price index) is more than 2%. Therefore, the traditional monetary policy implications are discussed for emerging economies.
Appears in Collections: Наукові видання (ННІ БіЕМ)

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