Deisan I. Monetary mechanisms for economic welfare maximization and effective redistribution

The thesis is devoted to research of efficiency of monetary policy of Ukraine with regards to influence on economic welfare and its distribution among national economy sectors. For the first time, a detailed definition of "economic welfare efficient distribution among sectors of the economy" is formed. According to this concept there should be the priority of highly profitable sectors without loss of output and employment of other sectors. Also such distribution should meet the service sectors needs for planned development and equalize household`s consumer potential. It was determined that the distribution of credit resources in Ukraine does not meet the effectiveness criteria. It was developed the methodology of flexible IT framework: "Inflation targeting framework with automatic switching to other maximum welfare goals". For the first time, the monetary policy sectoral effectiveness was studied by VAR-models and also response functions were constructed. The calibrated mechanism of monetary policy impact on the economic sectors was developed. The creation of specialized development banks is recommended for a more managed credit allocation across individual sectors. It was pioneered a refinancing mechanism with discounts for each development bank specialization. The restrictions to be imposed on the specialized banking system in order to avoid arbitrage. Key words: monetary regimes, monetary policy instruments, monetary transmission mechanism, economic welfare, unequal distribution of wealth, inflation targeting, central bank reference rate, development bank.