СУЧАСНІ МЕХАНІЗМИ МОНЕТАРНОГО ВПЛИВУ НА ЦІНОВУ ТА ФІНАНСОВУ СТАБІЛЬНІСТЬ

The article is devoted to a comprehensive analysis of modern mechanisms of monetary impact on price and financial stability in the context of profound structural changes and military shocks, which significantly increase the vulnerability of Ukraine’s financial system. The relevance of the research is determined by the need to adapt monetary policy to conditions of high uncertainty, spatial and sectoral asymmetry of economic losses, deepening inflationary pressures, and the transformation of monetary transmission channels due to military risks. In these conditions, a comprehensive review of standard and non-standard monetary policy instruments, their functional interaction, and effectiveness in ensuring both price and financial stability becomes particularly important.The aim of the research is to systematize standard and non-standard monetary policy instruments, analyze their theoretical foundations, mechanisms of application, and potential for strengthening macrofinancial stability in the context of contemporary challenges and increased risks. The methodological basis consists of structural-functional, institutional, comparative, and logical analysis methods, which allowed for an in-depth study of the nature of monetary instruments, an assessment of their role in transmission channels, and an identification of their differences, advantages, and limitations.The results of the research reveal the underlying logic of interest rate policy, open market operations, reserve mechanisms, and standing facilities as basic instruments of monetary regulation. The content and features of the application of non-standard instruments—quantitative and qualitative easing, direct credit stimulation, yield curve control, Operation Twist-type operations, negative interest rate policy, and forward guidance communication approaches—are summarized. It is shown that in conditions of limited effectiveness of traditional means, caused primarily by reaching the zero lower bound of interest rates or significant fragmentation of the financial market, non-standard instruments play a critical role in maintaining stability, forming expectations, and reducing volatility.The practical value of the results lies in the possibility of using a systematized toolkit to optimize Ukraine’s monetary policy in a war economy and during the recovery period. The undertaken generalization allows for the determination of the most effective tools for neutralizing inflationary pressure, supporting the liquidity of the banking sector, stabilizing market expectations, and increasing the stability of the financial system. The proposed analytical framework provides a basis for further research on the optimal combination of standard and non-standard monetary policy instruments under conditions of high turbulence and structural transformations of the economy.