Notice: Undefined index: HTTP_ACCEPT_LANGUAGE in /home/www/fsev.tnuni.sk/www/revue/lang.php on line 3 Sociálno-ekonomická revue

A BALANCED APPROACH TO MONETARY POLICY

Abstract:

Monetary policy, which together with fiscal policy forms the basis of the economic policy of the state, is currently receiving unprecedented attention – including the of the general public, as a result of the protracted global financial crisis in 2009. In this context, attention should be focused namely on central banks, which have been in the middle of economic troubles in the past. The influence of the central banks grew mainly through political in the 70s and 80s of the last century. From this period, we can see the growth of central banks all independence around the world as a currency guarantor, which resulted in a relatively quiet period without major economic crises, but ended as a result of the irresponsible fiscal policy of political elites. Therefore, the aim of our research paper is to analyze monetary policy as a significant part of the economic policy of the state, with the accent on the position of the central bank, which has a decisive influence on the way and performance of monetary policy. The concept of monetary policy from the very beginning to the present has undergone a number of changes. The central bank has almost every country in the world. The role of central banking is generally perceived in individual economies as irreplaceable, but the suitability or necessity of setting up these institutions was seen by different states depending on many factors.

Authors: Martin HUDEC

Release: 2018/1     Pages: 21-31     JEL classification: E44, E52, E58     
DOI:

Keywords: monetary stability, price stability, central bank

Section: ECONOMICS AND ECONOMY

Contacts:
PhDr. Martin Hudec, MBA
University of Economics in Bratislava
Faculty of Commerce, Department of Marketing
Dolnozemská cesta 1
Bratislava, 852 35
Slovak Republic
e-mail: mhudec18@gmail.com


Literature:

Champ, B., Freeman, S., Haslag, J. (2016). Modeling Monetary Economies. Cambridge: Cambridge University Press, 400
Daniels, J., VanHoose, D. (2012). International Monetary & Financial Economics. New York: Pearson, 522
Mishkin, F. (2015). The Economics of Money, Banking and Financial Markets. New York: Pearson, 704
Mishkin, F., Eakins, S. (2014). Financial Markets and Institutions. New York: Pearson, 655
Galí, J. (2015). Monetary Policy, Inflation, and the Business Cycle. Princeton: Princeton University Press, 296
European Central Bank. (2018): Transmission Mechanism of Monetary Policy [acc.: 2018-8-2]. Available at: <https://www.ecb.europa.eu/mopo/intro/transmission/html/index.en.html>.
Holodny, E. (2017): The Tumultuous 155-year History of Oil Prices. [on-line]. [acc.: 2018-8-2]. Available at: <http://read.bi/2ibPzLh>.
Jones, Ch. (2017). Macroeconomics. New York: W. W. Norton & Company, 640
Jones, Ch. (2013). Introduction to Economic Growth. New York: W. W. Norton & Company, 320
Moenjak, T. (2014). Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability. Hoboken: Wiley, 320
Rustinci, T., Caton, J., Shamoun, D. (2015). Macroeconomics: The Monetary Foundations of the Macroeconomy. San Diego: Cognella Academic Publishong, 506
Simpson, T. (2014). Financial Markets, Banking, and Monetary Policy. Hoboken: Wiley, 384
Walsh, C. (2017). Monetary Theory and Policy. Cambridge: MIT Press, 688








Social and Economic Revue
Faculty of Social and Economic Relations
Alexander Dubček University in Trenčín
Študentská 2
911 50 Trenčín
Slovak Republic

tel.: +421 7400 428
e-mail:

Copyright © fsev.tnuni.sk