Zakutniaia A. Monetary policy development by forming the transparent environment of its implementation

The content and components of monetary policy transparency are summarized in this paper; environment of its implementation is structured; the toolkit of monetary policy transparency supporting mechanism is analyzed; the importance of publishing explicit monetary rules in the context of providing transparent environment of monetary policy implementation is proved; the method of calculation monetary policy transparency index is developed; importance of inflation reports to provide monetary policy transparency is proved; level of transparency of the National bank of Ukraine is estimated; the methodical approach to the evaluation of the relationship between monetary policy transparency and inflation level is developed; Inflation Reports produced by inflation-targeting central banks (including the National bank of Ukraine) is evaluated; the mechanism of the formation of transparent environment of monetary policy implementation is developed.