摘要：Purpose and subject of research For the modern economic model the transformation of the tradition monetary transmission mechanism is relevant that demands in-depth analysis of the effectiveness of the monetary channels and the determination of the optimal structure of the transmission mechanism especially for the developing countries. The integrated assessment of the changes in the Ukrainian monetary transmission mechanism, in-depth analysis of the effectiveness of the separate channels and the investigation of the peculiarity of the impulses transmission by the exchange rate channel in short run and long run for Ukrainian economy is the main object of this study. Research methodology A theoretical and empirical framework is proposed based on the monetary theory, including the new features of the monetary transmission mechanism and the time series analysis with vector error correction models. Value results The statistical analysis, analysis of the impulse responsible functions and the variance decomposition on the base of the elaborated vector error correction model for the exchange rate channel had allowed to estimate its influence on the real sector of the Ukrainian economy in short run and long run and empirically improve the hypotheses about special feature of this channel for Ukraine. The present study provides a starting-point for further research in the effectiveness of the transmission mechanism channels for the developed and developing countries for the purpose of the determination of the effective directions of the monetary policy for the stimulation of the economic growth. Conclusions The framework has proven to be useful to show the specific and the dominant role of the exchange rate channel for the Ukrainian economy and nonsignificant function of the other channels for the Ukraine which demands not only of the improvement of the exchange rate policy but also the transformation of the structure of the Ukrainian monetary transmission mechanism.
