Lanovyi V. The central bank’s activity in the open market as an instrument of monetary policy

The dissertation research is devoted to the development of scientific and methodological approaches and practical recommendations for improving the National Bank’s of Ukraine activity in the open market in the context of monetary policy. The essence of open market operations (OMOs) is defined and their features of classification are systematized. The interrelation between the monetary policy goals and the specifics of OMOs conduction are identified. The fundamental principles of central bank’s activity in the open market are formulated. The practices of the world’s central banks OMOs conduction are generalized. Alternative mechanisms of OMOs conduction are investigated, their advantages and disadvantages are defined. The directions of the impact of OMOs on key macroeconomic variables are substantiated and the force of this impact on the banking system of Ukraine is evaluated. The place of OMOs in the operational toolkit of the National Bank of Ukraine is defined. Reasonable directions of the improvement of the National Bank’s of Ukraine OMOs are substantiated. A comprehensive model of the National Bank of Ukraine monetary policy implementation is developed, which is based mainly on OMOs.