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Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries

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  • Aneta Krstevska

    (National Bank of the Republic of Macedonia)

Abstract

The recent global crisis brought many challenges to the central bankers worldwide, including the issue of monetary policy objectives. In this view, besides price stability maintenance, a special attention by central bankers during the crisis was given to the output stabilization. This paper explores this issue on the case of a group of countries from Southeast Europe (SEE). For this purpose, rather simple analysis of the policy rate and output gap as well as output gap variability by countries have been provided, aimed at giving some initial insights of the monetary policy and output stabilization during the crisis. Our findings pointed that the central banks in the analysed SEE countries paid attention to the output stabilization, specifically during the crisis period and that was presumably enabled by controllable inflation developments.

Suggested Citation

  • Aneta Krstevska, 2015. "Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 4(1), pages 35-46.
    • Handle: RePEc:cbk:journl:v:4:y:2015:i:1:p:35-46
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    File URL: http://www.cbcg.me/repec/cbk/journl/vol4no1-3.pdf
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    References listed on IDEAS

    as
    1. Lars E. O. Svensson, 2002. "Monetary policy and real stabilization," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 261-312.
    2. Lars E. O. Svensson, 2012. "Evaluating Monetary Policy," Book Chapters, in: Evan F. Koenig & Robert Leeson & George A. Kahn (ed.), The Taylor Rule and the Transformation of Monetary Policy, chapter 11, Hoover Institution, Stanford University.
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    Cited by:

    1. Yu HSING, 2019. "Is real depreciation or more government deficit expansionary? The case of Macedonia," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(618), S), pages 51-60, Spring.
    2. repec:agr:journl:v:1(618):y:2019:i:1(618):p:51-60 is not listed on IDEAS
    3. Aleksandra Praščević & Milutin Ješić, 2019. "Modeling Macroeconomic Policymakers’ Interactions under Zero Lower Bound Environment: The New Keynesian Theoretical Approach," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 8(1), pages 5-38.

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    More about this item

    Keywords

    monetary policy; central banks; interest rates; output; crisis;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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