The Role of Monetary Policy Instruments in Controlling  Inflation

Urunbaeva Yulduz Pirnazarovna; Mamadaliyeva Marjona Shavkat qizi

Authors

Urunbaeva Yulduz Pirnazarovna Department of Economic Theory, Samarkand Institute of Economics and Service
Mamadaliyeva Marjona Shavkat qizi Samarkand Institute of Economics and Service

Keywords:

Monetary policy, inflation control, interest rate policy, money supply, Phillips curve, Econometric modeling, inflation targeting, emerging economies

Abstract

Controlling inflation is still a central macroeconomic policy objective in developed and
developing economies alike. Especially amidst increasing global economic uncertainty and new
financial crises, as well as multilevel structural transformations occurring within the majority of
emerging countries, we grow in interest for the utility of monetary policy devices with regard to
price stabilizing. The primary focus of this study is to examine the role and effectiveness of
important monetary policy tools in controlling inflation and maintaining macroeconomic stability,
especially in developing economies. The methodology employed a modified Phillips Curve
framework, applying regression analysis to the data. Using macroeconomic data from recent years,
the study analyzes inflation using the respective indicators of interest rates, money supply and
output gap. Results show the statistically significant effect of policy interest rates, open market
operations, and reserve requirements on inflation dynamics The research adds to macroeconomic
literature by combining classical monetary theory and modern econometric analysis in order to
study controlled inflation mechanisms in emerging economies.

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