<abstract xmlns="http://www.w3.org/1999/xhtml"><p> 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.</p></abstract>

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.

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

National Bank of the Republic of Macedonia

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

The recent global crisis brought many challenges to the central bankers worldwide, including the issue of monetary policy objectives. In this view, besides...

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

Published Online: Feb 06, 2015

Page range: 35 - 46

Received: Nov 28, 2014

Accepted: Dec 12, 2014

DOI: https://doi.org/10.1515/jcbtp-2015-0003

Keywords
monetary policy, central banks, interest rates, output, crisis

© Central Bank of Montenegro

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

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

Published Online: Feb 06, 2015

Page range: 35 - 46

Received: Nov 28, 2014

Accepted: Dec 12, 2014

DOI: https://doi.org/10.1515/jcbtp-2015-0003

Keywordsmonetary policy, central banks, interest rates, output, crisis

© Central Bank of Montenegro

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
monetary policy, central banks, interest rates, output, crisis