The article examines the impact of monetary policy on economic growth based on a comparative analysis of the practices of the world's leading central banks in the context of post-pandemic recovery and geopolitical shocks. The theoretical channels of the transmission mechanism, empirical evidence of the effectiveness of various regimes (inflation targeting, macroprudential policy), as well as the specifics of monetary policy in conditions of uncertainty are considered. Special attention is paid to the comparative analysis of the approaches of the US Federal Reserve System and the European Central Bank, as well as the role of macroprudential instruments in ensuring financial stability. Based on empirical data, two tables are presented that characterize the forecasts of leading central banks and the comparative effectiveness of inflation targeting regimes in developed and developing economies. It is concluded that the effectiveness of monetary policy in stimulating economic growth increases significantly when coordinated with macroprudential measures, especially in the context of structural imbalances and external shocks.
Esetova et al. (Wed,) studied this question.