DIMENSIONS OF THE MONETARY POLICY

Gheorghe Manolescu
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Gheorghe Manolescu: Spiru Haret University, Bucharest; Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy

Studii Financiare (Financial Studies), 2010, vol. 14, issue 1, 166-182

Abstract: The attributes of consistency, purposefulness, coherency, competitiveness and completeness (exhaustivity) are specific to modern monetary policy. They contribute to ensuring the efficiency of the monetary policy in a context of uncertainty and volatility of monetary-financial variables and products. Promoting effective monetary policy, in a globalized and computerized economic environment requests the opening toward a theoretical and operational multidimensional space, characterized by strong interaction between the central bank and the public, and the economic subjects, between the monetary policy and the other components of economic policy and social strategy, between the components of the monetary policy, the dimensions of modern, efficient and open monetary policy being, on the one hand, the independence, responsibility and communication of the central bank, and, on the other hand, the predictability, transparency and credibility of the monetary policy. The paper seeks to explain, in an explicit and interactive approach, the complex network of interconnections and inter-determinations between the attributes and the dimensions of monetary policy, through which it should be pointed out, often in an implicit way, the potential capabilities and incapacities, the possible effectiveness and ineffectiveness of the monetary policy.

Keywords: monetary policy; dimensions of the monetary policy; attributes of the monetary policy; central bank independence; monetary policy transparency; monetary policy efficacy. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2010
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