THE TOPICALITY OF MONETARY THEORY OF THE BUSINESS CYCLE AT PRESENT

Experiences from the development of the world economy in the first decade of the 21st century shows that the economies of many countries were hit by crisis processes that gradually occur with varying intensity in the form of mortgage, financial, economic, but also political, social, debt, as well as moral, systemic crisis and as well as the crisis of civilization. World global crisis was initially perceived as a crisis, which only applies to the USA. Gradually, as the crisis processes were deepening in other countries we perceived it as the most severe global crisis after World War II both in scope and intensity of negative consequences for the world economy. Central banks try to influence economic development using monetary policy tools. They use the knowledge of economic theory about the nature, character and reasons for the financial and economic crises. Monetary business cycle theories are of an original character. The list of most important representatives of these theories includes works of: F.A Hayek, L.E. Mises, M.N. Rothbard, M. Friedman and others. Numerous ongoing debates among many economists suggest the need for content and methodological innovation of economic science.