Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries

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The recent global crisis brought many challenges to the central bankers worldwide, including the issue of monetary policy objectives. In this view, besides price stability maintenance, a special attention by central bankers during the crisis was given to the output stabilization. This paper explores this issue on the case of a group of countries from Southeast Europe (SEE). For this purpose, rather simple analysis of the policy rate and output gap as well as output gap variability by countries have been provided, aimed at giving some initial insights of the monetary policy and output stabilization during the crisis. Our findings pointed that the central banks in the analysed SEE countries paid attention to the output stabilization, specifically during the crisis period and that was presumably enabled by controllable inflation developments.

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  • 1. Bank of Albania;

  • 2. Carney M. (2009) Some considerations on using monetary policy to stabilize economic activity Governor of the Bank of Canada Symposium at Jackson Hole Wyoming August 2009;

  • 3. European Commission EU Candidate & potential candidate countries’ Economic Quarterly (CCEQ) different editions;

  • 4. National Bank of Croatia;

  • 5. National Bank of the Republic of Macedonia;

  • 6. National Bank of Serbia;

  • 7. Svensson L. (2003) Monetary policy and real stabilization NBER Working Paper No.9486 February 2003;

  • 8. Svensson L. (2009) Evaluating monetary policy NBER Working Paper No.15385 September 2009;

  • 9. FED (2014) Statement on Longer-Run Goals and Monetary Policy Strategy January 28 2014;

  • 10. Walsh C. (2009) Using monetary policy to stabilize economic activity University of California Santa Cruz August 2009.

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