Metrika

  • citati u SCIndeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:5
  • preuzimanja u poslednjih 30 dana:4

Sadržaj

članak: 1 od 3  
Back povratak na rezultate
2016, vol. 64, br. 1-2, str. 75-92
Inflaciono targetiranje i obaranje inflacije u Srbiji
Univerzitet Singidunum, FEFA - Fakultet za ekonomiju, finansije i administraciju - FEFA, Beograd
Projekat:
Unapređenje konkurentnosti Srbije u procesu pristupanja Evropskoj uniji (MPNTR - 47028)

Ključne reči: ciljana inflacija; inflaciona očekivanja; monetarna politika; usmeravanje očekivanja (forward guidance); referentna kamatna stopa
Sažetak
Rad pruža kratak pregled postojećih strategija monetarne politike uključujući njihove prednosti i slabosti. U analizi je poseban naglasak stavljen na jake strane režima fleksibilnog ciljanja inflacije i njegove uloge u procesu obaranja inflacije u zemljama sa istorijom visoke inflacije. Posle toga fokus je pomeren na Srbiju i analizu instrumenata monetarne politike u okviru režima fleksibilnog ciljanja inflacije koji je stabilizovao inflaciju na niskom nivou tokom poslednje tri godine. Pored prudencijelne politike kamatnih stopa NBS, analiza ističe ulogu: (i) značajnog unapređenja komunikacionih kanala i transparentnosti NBS što je omogućilo usidravanje inflacionih očekivanja, (ii) intervencija na oba segmenta deviznog tržišta što je smanjilo preveliku dnevnu volatilnost i neizvesnost u uslovima poslovanja bez uticanja na dugoročni trend postepene depresijacije i (iii) promene u strukturi operacija na otvorenom tržištu koje su jačale tržišne elemente u operacijama likvidnosti i smanjivanja viška likvidnosti, kao i promene u politici obavezne rezerve koje su podsticale dugoročne izvore spoljnog finansiranja. Na kraju smo ukazali na neke izazove i mogućnosti pred kojima se nalazi monetarna politika.
Reference
Akerlof, G.A., Dickens, W.T., Perry, G.L. (1996) The macroeconomics of low inflation. Brookings Papers on Economic Activity, 1, 1-59
Bhandari, P., Frankel, J. (2015) Nominal GDP targeting for developing countries. u: NBER Working Paper No. 20898, Cambridge, MA: National Bureau of Economic Research
Blanchard, O., DellArica, G., Mauro, P. (2010) Rethinking macroeconomic policy. IMF Staff Position note br.SPN/10/03, Feb. 12, 2010
Carare, A., Stone, M.R. (2006) Inflation targeting regimes. European Economic Review, 50(5): 1297-1315
de Mendonça, H.F., Souza, G.J.de G.e (2012) Is inflation targeting a good remedy to control inflation?. Journal of Development Economics, 98(2): 178-191
Dragutinović, D. (2008) Power and weakness of monetary policy in striking a balance between balance-of-payments and inflation-related objectives. u: Working Paper Series,, Belgrade: National Bank of Serbia, No. 12/2008
Eichengreen, B. (1995) Golden fetters: The gold standard and the great depression 1919-39. New York: Oxford University Press
Eichengreen, B. (2007) Global imbalances and the lessons of Bretton woods. Cambridge, MA: MIT Press
Eichengreen, B. (2011) Exorbitant privilege: The rise and fall of the dollar and the future of the international monetary system. Oxford: Oxford University Press
FOMC (2012) Statement on longer-run goals and monetary policy strategy. Washington: Federal Open Market Committee, January 25
Friedman, M.R. (1968) Dollars and deficits. Englewood Cliffs, NJ, itd: Prentice Hall
Gonçalves, C., Salles, J.M. (2008) Inflation Targeting in Emerging Economies: What do the Data Say?. Journal of Development Economics, 85(1-2): 312-318
Hochstein, M. (2013) Comparison of G-4 central banks latest communication policy innovations. Frankfurt am Main: Allianz Global Investors, Europe GmbH
Lin, S., Ye, H. (2009) Does inflation targeting make a difference in developing countries?. Journal of Development Economics, 89(1): 118-123
Meade, J. (1978) The Meaning of. Economic Journal, 88(351): 423
Mishkin, F.S. (1999) International experiences with different monetary policy regimes. WP 7044, www.nber.org
Mishkin, F.S. (2000) Inflation targeting in emerging market countries. American Economic Review, br. 7618
Mishkin, F.S. (2001) Monetary policy (NBER Research Summary). Massachusetts: NBER
Mishkin, F.S. (2010) Monetary policy strategy: Lessons from the crisis. u: Prepared for the ECB Central Banking Conference, Monetary Policy Revisited: Lessons from the Crisis, Frankfurt, 18-19 November 2010
Mishkin, F.S. (2016) The economics of money, banking and financial markets. u: The Pearson Series in Economics, Upper Saddle River, NJ: Prentice Hall, 11th Edition
National Bank of Serbia NBS (2016) Report on the results of the inflation expectations survey: December 2015. Belgrade, Retrieved from http://www.nbs.rs/export/sites/default/internet/english/90/anketa_io/io_12_15_e.pdf
National Bank of Serbia NBS (2015) Inflation report: August 2015. Belgrade, Retrieved from http://www.nbs.rs/export/download/pdf_ioi/inflation_report_08_2015.pdf
National Bank of Serbia NBS (2016) Inflation report: February 2016. Belgrade, Retrieved from http://www.nbs.rs/export/download/pdfjoi/inflation_report_02_2016.pdf
NBS (2008) Memorandum of the National Bank of Serbia on setting inflation targets for the period 2009-2011. u: Adopted in the NBS Monetary Policy Committee meeting of 22 December 2008, Retrieved from http://www.nbs.rs/export/sites/default/internet/english/30/30_3/memorandum_ciljevi_2009_2011e.pdf
NBS (2015) National Bank of Serbia’s memorandum on inflation targets until 2018. u: Adopted at the NBS Executive Board meeting of 13 August 2015, Retrieved from http://www.nbs.rs/export/sites/default/internet/english/30/memorandum_ciljevi_do_2018_eng.pdfNBS
Nedeljković, M., Savić, N., Zildžović, E. (2016) Inflation targeting and the evolution of monetary policy credibility in the CEE countries. u: NBS Working Paper, forthcoming, Belgrade: NBS
Phelps, E.S. (1968) Money wage dynamics and labor market equilibrium. Journal of Political Economy, 76: 687-711
Phillips, A.W. (1958) The relation between unemployment and the rate of change of money wage rates in the United Kingdom 1861-1957. Economica, 25: 283. 299
Reinhart, C., Rogoff, K. (2009) This time is different: Eight centuries of financial folly. Princeton, NJ: Princeton University Press
Samuelson, P., Solow, R.M. (1960) Analytic aspects of anti-inflation policy. American Economic Review, 50(2), 177-94
Svensson, L.E.O. (1999) Inflation targeting as a monetary policy rule. Journal of Monetary Economics, 43, 607-654
Svensson, L.E.O. (2010) Inflation targeting. u: NBER Working Paper No. 16654, Cambridge, MA: National Bureau of Economic Research
Svensson, L.E.O. (2014) Forward guidance. u: NBER Working Paper No. 20796, Cambridge, MA: National National Bureau of Economic ResearchBureau of Economic Research
Tabaković, J. (2015) Role of central banks in todays context. u: Presented at International Banking Congress: Financial Industry: Challenges and Solutions, June 2015, St. Petersburg
Tabaković, J. (2015) Introductory speech at the presentation of NBS inflation report: August 2015. August 18, 2015
Tobin, J., Phelps, E.S., Poole, W., Feldstein, M., Houthakker, H., Modigliani, F., Hendershott, P., Friedman, B., Perry, G., Duesenberry, J., Fellner, W., Gordon, R., Branson, W., Baily, M. (1980) Stabilization Policy Ten Years After. Brookings Papers on Economic Activity, 1980(1): 19
Walsh, C.E. (2009) Inflation Targeting: What Have We Learned?. International Finance, 12(2): 195-233
 

O članku

jezik rada: engleski
vrsta rada: pregledni članak
DOI: 10.5937/ekopre1602075S
objavljen u SCIndeksu: 13.01.2017.