THE IMPACT OF INFLATION SHOCKS ON MACROECONOMIC DYNAMICS IN THE CONTEXT OF MONETARY TRANSFORMATION

This article examines the impact of inflation shocks on macroeconomic dynamics in the context of monetary regulation transformation. The aim of the study is to systematize theoretical approaches to the analysis of inflation shocks and to interpret modern macroeconomic trends through the lens of dynamic macroeconomics. The methodological framework draws on intertemporal analysis, the concept of rational expectations, business cycle models, and the DSGE approach, as well as analytical materials from the International Monetary Fund, the World Bank, the OECD, and central banks. It is shown that inflation shocks affect output, employment, consumption, investment, and interest rates through production costs, real income, financial conditions, inflation expectations, and monetary transmission channels. It is concluded that, in the context of monetary policy transformation, the quality of the institutional environment, credibility of the central bank, policy predictability, and the ability to promptly distinguish between temporary and persistent components of inflation are crucial. Inflation shocks, when expectations are weakly anchored, increase macroeconomic volatility and worsen the growth trajectory, while consistent policy and transparent communication increase the economy's resilience to external and domestic price shocks.