MONETARY TRAPS OF THE NEW MACROECONOMIC CONSENSUS: PROBLEMS OF STABILIZATION POLICY AFTER COVID-19

• DOI: 10.57111/econ.21(1).2022.17-24
• Publication Date: 2022-12-15T09:30:18Z
• Authors: N. REZNIKOVA; O. IVASHCHENKO; N. HRYNCHAK; I. DVORNYK
• Keywords: Stabilization policy; Idealization

The relevance of the study lies in consideration transmission channels through which influence monetary policy carried out by governments and central banks United States, Japan Germany was realized. purpose article is to consider phenomenon trap as a special case an unforeseen macroeconomic reaction stabilization anti-crisis pursued state, designed stimulate economic activity contribute growth aggregate output. identified potential theory (with emphasis on New Macroeconomic Consensus) illuminate current practice state policy, taking into account new historical challenges, well modeling impact instruments for recovery Germany. To achieve goal study, scientific research methods were used, namely: analysis, abstraction synthesis, induction deduction, system-structural method; hypothetical-deductive idealization mathematical modeling. An analysis consequences counteract downturn situation result COVID-19 pandemic made it possible periodize establish that measures at first stage mainly fiscal nature, while second they focused containment volatility commodity prices. A regression express relationship between incentives changes GDP inflation Japan, impulses price stability manifests itself over longer period time depends many factors, including fluctuations, nominal wages, exchange rate dynamics expectations agents.