Nasachenko, MariiaPrimierova, Olena2024-10-172024-10-172023Nasachenko M. Recommendations for enhancing monetary policy interventions to achieve macroeconomic stability in Ukraine over the medium term / [Nasachenko 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 2.4. - P. 83-91.978-966-518-849-0https://ekmair.ukma.edu.ua/handle/123456789/31883Monetary policy constitutes a pivotal instrument of economic governance, enabling the regulation of inflation levels, ensuring the stability of the financial system, and supporting sustainable economic growth. However, the implementation of monetary policy amidst macroeconomic instability presents unique characteristics and poses a complex task for central banks and other state authorities. A notable challenge is that macroeconomic instability diminishes the effectiveness of monetary policy. For instance, in a recessionary context, increasing the discount rate does not yield the anticipated effect of reducing inflation and diminishing investment activity. Furthermore, a higher policy key rate can augment the risk of insolvency for households and businesses.enmonetary policyinflationfiscal deficitexchange ratemilitarycrisismonograph sectionBook chapter