ЕФЕКТИВНІСТЬ МОНЕТАРНОЇ ПОЛІТИКИ ЦЕНТРАЛЬНИХ БАНКІВ У СФЕРІ ФІНАНСОВОЇ АКТИВНОСТІ ДОМОГОСПОДАРСТВ КРІЗЬ ПРИЗМУ НОВОЇ КЕЙНСІАНСЬКОЇ ШКОЛИ

Abstract

The monetary policy of the central bank of any state is designed to regulate the money supply through the use of many monetary instruments. The use of the discount rate, foreign exchange interventions, the reduction or increase of required bank reserves according to classical Keynesianism should influence the intertemporal choice of households. However, not all tools have the same effect on household choices and therefore studying the effectiveness of their use is relevant. The purpose of the article is to study the impact of the central bank's monetary policy on financial and investment activities of the population. Determining the effectiveness of monetary policy instruments used by central banks through the prism of the new Keynesian school. The following scientific methods were used during the research: analysis and synthesis, deductive method, analogy method, modeling, system approach, abstraction method. Monetary policy of central banks affects the economy. Changes in the discount rate increase the number of loans and deposits, change interest rates in the loan capital market. In the long run, this affects the dynamics and growth rates of loans and deposits. However, household income and consumption levels have a significant impact on household decisions about current and future consumption, intensification or, conversely, reduction of financial and investment activities. Reducing the discount rate to 6% did not lead to an increase in retail deposits and the number of securities. It is established that the decrease in inflation did not lead to an increase in incomes and consumption of goods and services. Financial activity is most affected by income levels and wealth. The impact of monetary instruments on households is adjusted and even often offset by «sticky prices», «sticky wages», «sticky information» and income heterogeneity in the structure of households. According to the study, the reduction of the discount rate did not affect the increase in deposits and savings in securities of the population. Therefore, when formulating monetary policy, the NBU should also take into account the relationship with income and wages, between liquid and illiquid assets, the marginal propensity to consume with low incomes, taking into account the intermediate choice, «sticky prices», «sticky wages» and «sticky information».