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Dimensions Of The Monetary Policy

Author

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  • Manolescu, Gheorghe

    (Spiru Haret University, Bucharest; Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

Abstract

The attributes of consistency, purposefulness, coherency, competitiveness and completeness (exhaustivity) are specific to modern monetary policy. They contribute to ensuring the efficiency of the monetary policy in a context of uncertainty and volatility of monetary-financial variables and products. Promoting effective monetary policy, in a globalized and computerized economic environment requests the opening toward a theoretical and operational multidimensional space, characterized by strong interaction between the central bank and the public, and the economic subjects, between the monetary policy and the other components of economic policy and social strategy, between the components of the monetary policy, the dimensions of modern, efficient and open monetary policy being, on the one hand, the independence, responsibility and communication of the central bank, and, on the other hand, the predictability, transparency and credibility of the monetary policy. The paper seeks to explain, in an explicit and interactive approach, the complex network of interconnections and inter-determinations between the attributes and the dimensions of monetary policy, through which it should be pointed out, often in an implicit way, the potential capabilities and incapacities, the possible effectiveness and ineffectiveness of the monetary policy.

Suggested Citation

  • Manolescu, Gheorghe, 2010. "Dimensions Of The Monetary Policy," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 14(1), pages 166-182.
  • Handle: RePEc:vls:finstu:v:14:y:2010:i:1:p:166-182
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    Keywords

    monetary policy; dimensions of the monetary policy; attributes of the monetary policy; central bank independence; monetary policy transparency; monetary policy efficacy.;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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