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Monetary Policy Adjustment at the Global Financial Crisis Constraints

Adina Criste

Hyperion Economic Journal, 2014, vol. 2, issue 4, 3-11

Abstract: The global financial crisis marked a border for central banks, as it raised challenges which constrained them both to extend the range of monetary policy instruments and to redefine their role in the financial system. The present paper aims to identify features of conducting the monetary policy of some central banks, during and after the global financial crisis outbreak. For that purpose, we apply to a comparative analysis between some central banks of European Union (EU), namely Czech National Bank (CNB), National Bank of Hungary (NBH), National Bank of Poland (NBP) and National Bank of Romania (NBR). We also assume that the monetary policy could be characterised through both the challenges faced by the central banks and the type of measures adopted, as a reaction to these challenges. Analysis shows that central banks have different levels of burden, according to domestic condition, and also different ”pattern” of monetary policy adjustments, using more or less unconventional or macro-prudential measures. An important conclusion raised from this article refers to the increasing role of these special measures for central banks, which requires defining a new monetary policy framework in the near future.

Keywords: unconventional measures; macro-prudential instruments; inflation targeting; monetary policy framework (search for similar items in EconPapers)
JEL-codes: E52 E58 G01 (search for similar items in EconPapers)
Date: 2014
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