Open AccessCentral bank and the monetary commitment
Author(s) -
Miomir P. Jakšić
Publication year - 2004
Publication title -
economic annals/ekonomski anali
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.148
H-Index - 12
eISSN - 1820-7375
pISSN - 0013-3264
DOI - 10.2298/eka0460091j
Subject(s) - monetary policy , credibility , economics , inflation targeting , forward guidance , monetary hegemony , central bank , monetary economics , institution , monetary base , independence (probability theory) , monetary reform , accountability , credit channel , macroeconomics , political science , statistics , mathematics , law
The central bank as the key monetary institution has to assure monetary policy credibility, which is of vital importance in the process of macroeconomic stabilization. The author analyses the concepts of central bank independence and accountability as a basis for successful macroeconomic policy, and the concept of monetary commitment which is of essential importance for monetary regime and formulation of monetary rules