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Monetary Policy: Mechanisms and Outcomes


  • Nikolai Gueorguiev

    (Agency for Economic Analysis and Forecasting)

  • Nikolai Gospodinov

    (Agency for Economic Analysis and Forecasting)


The monetary policy in 1991 followed two main objectives. First,it was to equilibrate the money market by reducing the high money supply to the economically founded money demand. The second objective was to avoid the hyperinflation that could result after the liberalization of prices. A broad spectrum of instruments was used to achieve these targets but the most important ones were the direct measures. It could be concluded that the monetary policy as a whole fulfilled the objectives despite some turbulence in the summer.

Suggested Citation

  • Nikolai Gueorguiev & Nikolai Gospodinov, 1992. "Monetary Policy: Mechanisms and Outcomes," Working paper series 81992en, Agency for Economic Analysis and Forecasting.
  • Handle: RePEc:eaf:wpaper:81992en

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    References listed on IDEAS

    1. Philippe Aghion & Olivier J. Blanchard, 1994. "On the Speed of Transition in Central Europe," NBER Chapters,in: NBER Macroeconomics Annual 1994, Volume 9, pages 283-330 National Bureau of Economic Research, Inc.
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    More about this item


    refinancing; interbank market; credit ceilings; interest rates;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes


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