Tomilina, MariiaPrimierova, Olena2024-10-172024-10-172023Tomilina M. The monetary policy experience during the war and post-war periods / [Tomilina Mariia, Primierova Olena] // Financial Policy of Ukraine for the Maintenance of Macroeconomic Stability : the collective monograph / [Lukianenko I., Galytska E., Primierova O. et al. ; general editor Lukianenko I.] ; National University of Kyiv-Mohyla Academy. - Kyiv : Kyiv-Mohyla Academy Publishing House, 2023. - Chapter 2.2. - P. 53-59.978-966-518-849-0https://ekmair.ukma.edu.ua/handle/123456789/31886During a crisis, the objectives of a monetary policy shift to address the unique challenges presented by a military economy. In such an economy, government expenditure rises, and the state's role in the economy becomes more prominent. Furthermore, economic decisions are dominated by security concerns, and the economic multiplier effect is limited due to the destruction caused by war. If we look at the Federal Reserve System of the U.S. when World War II outbroke, the challenges for dealing with a considerable surge in the federal deficit due to increased war expenditures occurred even though the Treasury was depended more on taxes than it was during World War I and even with the rise in tax revenue due to the significant growth in industrial production.enmonetary policmonetary basebank depositsbank creditcurrencyinflationmonograph sectionBook chapter