1. The monetary policy effects of inflation targeting in euro area
- Author
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Mezlar, Petra and Olgić Draženović, Bojana
- Subjects
financial crisis ,inflation targeting strategy ,flexible inflation targeting ,nominal GDP targeting ,financial stability - Abstract
Tema ovog završnog rada bili su efekti monetarne politike ciljanja inflacije u europodručju. U uvodnom djelu ovog završnog rada navodili su se predmet, problem i objekti istraživanja, kao i radna hipoteza i pomoćne hipoteze, svrha i cilj istraživanja, znanstvene metode te struktura rada. Zatim se započelo s teorijskim djelom završnog rada u kojem se objašnjava sam pojam strategija monetarne politike i njezin značaj. Također su se navele vrste strategija monetarne politike. Naglasak je bio na monetarnoj strategiji ciljanja inflacije, koju središnje banke najčešće primjenjuju. Definirale su se prednosti i nedostaci strategije ciljanja inflacije kod provođenja učinkovite monetarne politike. Dalje se govorilo o ciljanju inflacije kao strategije monetarne politike eurozone. 2003. godine prvotno ciljanja monetarnih agregata zamjenjuje ciljanje inflacije koje postaje glavna strategija ESB-e. Uspoređivalo se fleksibilno i direktno ciljanje inflacije, te su se navele pozitivne i negativne strane fleksibilnog ciljanja inflacije. U istraživačkom djelu završnog rada navodilo se ciljanje inflacije i njezin utjecaj na financijsku stabilnost kao i kritike koje su upućene fleksibilnom ciljanju inflacije sa stajališta financijske stabilnosti. Analizirala se strategija ciljanja nominalnog BDP-a kao bolja opcija od fleksibilnog ciljanja inflacije, te su se navele njezine prednosti kao i nedostaci., The theme of this final paper was the effects of monetary policy targeting inflation in the European area. In the introductory part of this final paper, the subject, the problem and the objects of the research, as well as the working hypothesis and the auxiliary hypotheses, the purpose and purpose of the research, the scientific method and the structure of the work. Then he started with the theoretical part of the final work, which explains the very concept of monetary policy strategy and its significance. There were also types of monetary policy strategies. The emphasis was on the monetary inflation targeting strategy, most commonly applied by central banks. The benefits and disadvantages of the inflation targeting strategy in defining effective monetary policy were defined. Further, inflation targeting as a eurozone monetary policy strategy was discussed. In 2003, the original targeting of monetary aggregates replaces the inflation targeting which becomes the main ESB strategy. Flexible and direct inflation targeting has been compared and positive and negative sides of flexible inflation targeting have been highlighted. In the research part of the final paper, the inflation targeting and its impact on financial stability as well as criticisms directed at flexible inflation targeting from the point of view of financial stability have been mentioned. It analyzed the targeting strategy for nominal GDP as a better option than the flexible inflation targeting, as well as its advantages and disadvantages.
- Published
- 2019