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JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT
Journals / JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT / Issue 8 / The relationship of monetary policy to inflation and employment
UDC 330.34

THE RELATIONSHIP OF MONETARY POLICY TO INFLATION AND EMPLOYMENT The relationship of monetary policy to inflation and employment

Published in JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT · Issue 8 · Pages 9–16 · Rubric: SCIENTIFIC ARTICLES
DOI: https://doi.org/10.26118/2782-4586.2025.66.22.052
Received: 09.10.2025 Accepted: 17.11.2025 Published: 17.11.2025
Authors
OL
Ol'ga P. Sushko
ABSTRACT
The article presents the theoretical foundations of the relationship between monetary instruments and the real sector of the economy, the versatility of the relationship between monetary instruments and macroeconomic indicators (inflation and employment). The advantages of the inflation targeting regime include increased transparency and predictability of monetary policy. However, the practical implementation of inflation targeting faces a number of difficulties. Special attention is paid to modern approaches to monetary regulation, including inflation targeting and unconventional monetary policy measures. Research results vary significantly depending on the analyzed period, country, and other factors. The experience of recent crises shows that the isolated use of monetary instruments may not be sufficient to solve the structural problems of the economy and requires an integrated approach to economic policy. The prospects for the development of monetary policy are related to the further improvement of analysis and forecasting tools, the development of communication strategies and adaptation to the changing conditions of the global economy. The study shows the importance of coordinating monetary and fiscal policies to achieve macroeconomic stability.
KEYWORDS
monetary policy, inflation, employment, Phillips curve, inflation targeting
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