24.07.2026; Ужгород, Україна: XII Міжнародна наукова конференція «Технології, інструменти та стратегії реалізації наукових досліджень»
Роботи, що індексуються в Google Scholar

THE IMPACT OF THE NATIONAL BANK’S MONETARY POLICY RATE ON INFLATIONARY PROCESSES: THE CASE OF GEORGIA

  • Merab Vanishvili,
  • Shorena Saginashvili
Merab Vanishvili
Georgian Technical University
Shorena Saginashvili
LEPL Tbilisi Public School 86
PDF (English)

Опубліковано 24.07.2026

Як цитувати

Vanishvili, M., & Saginashvili, S. (2026). THE IMPACT OF THE NATIONAL BANK’S MONETARY POLICY RATE ON INFLATIONARY PROCESSES: THE CASE OF GEORGIA. Матеріали конференцій МЦНД, (24.07.2026; Ужгород, Україна), 38–44. вилучено із http://archives.mcnd.org.ua/index.php/conference-proceeding/article/view/1754

Завантаження

Дані завантаження ще не доступні.

Авторське право (c) 2026 Merab Vanishvili; Shorena Saginashvili

Creative Commons License

Ця робота ліцензується відповідно до Creative Commons Attribution 4.0 International License.

Google Scholar

Анотація

This scientific article examines the effectiveness of the monetary policy of the National Bank of Georgia in ensuring price stability within the country. The primary objective of the study is to assess the impact of changes in the refinancing rate on inflation dynamics. For the empirical analysis, official monthly data from the National Bank of Georgia and the National Statistics Office of Georgia (Geostat) are utilized. The paper analyzes monetary policy transmission mechanisms and estimates the duration of the time lag required for interest rate changes to be reflected in the Consumer Price Index (CPI). The findings of the research indicate that monetary policy tightening has a statistically significant impact on reducing inflation; however, this effect is characterized by a certain time lag, which must be taken into consideration when making macroeconomic decisions. In conclusion, recommendations are formulated for optimizing monetary policy instruments.
PDF (English)

Посилання

  1. Calvo, G. A., & Reinhart, C. M. (2002). Fear of floating., 117(2), 379-408. Journal of Economic Literature
  2. Clarida, R., Galí, J., & Gertler, M. (1999). The science of monetary policy: a New Keynesian Journal of Political Economy perspective., 37(4), 1661-1707.
  3. Friedman, M. (1961). The lag in effect of monetary policy., 69(5), Journal of 447-466. Economic Perspectives
  4. Mishkin, F. S. (1995). Symposium on the monetary transmission mechanism., 9(4), 3-10. American Economic Review
  5. Romer, C. D., & Romer, D. H. (2004). A new measure of monetary shocks: Derivation and Carnegie-Rochester Conference implications., 94(4), 1055-1084. Series on Public Policy
  6. Taylor, J. B. (1993). Discretion versus policy rules in practice. Journal of International Economics, 39, 195-214.
  7. Svensson, L. E. (2000). Open-economy inflation targeting., Monetary Policy Report 50(1), 155-183. Dynamics of the Refinancing Rate
  8. National Bank of Georgia. (2024).. Tbilisi: NBG. Available at: nbg.gov.ge and the Lari Effective Exchange Rate
  9. National Bank of Georgia. Official Statistical Data (2015-2025). Consumer Price Index, Inflation, and Monthly. Available at: nbg.gov.ge Economic Activity Indicators (2015-2025)
  10. National Statistics Office of Georgia (Geostat).. Available at: geostat.ge