Subject. This article examines the monetary policy frameworks of the leading central banks worldwide from 2008 to 2024, analyzing the evolution of regulatory instruments, transmission channels, and strategic approaches amidst recurrent global macroeconomic shocks. Objectives. The article aims to delineate the trajectory of monetary policy features, instrument innovation, and communication strategies within major global economies during a period characterized by successive exogenous shocks. This analysis subsequently aims to conceptualize the contours of monetary policy transformation defining the post-crisis era. Methods. For the study, I used description, comparative analysis, synthesis, induction, and deduction. Results. The article identifies pivotal institutional determinants underlying divergent transmission mechanisms and the operational efficacy of unconventional monetary policy tools. Based on a critical assessment of the applicability of the international practices to the Russian regulatory environment, the article puts forward specific proposals for reforming the monetary policy architecture of the Russian Federation. Conclusions. The 2008 financial crisis and 2020 pandemic shock catalyzed a paradigm shift towards a novel monetary regulation system, predicated fundamentally on unconventional instruments. However, within the Russian context, analogous policy transformation remains circumscribed by structural idiosyncrasies within the financial system and suboptimal transmission mechanism efficacy. These constraints necessitate a comprehensive recalibration and refinement of extant regulatory approaches.
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