The Monetary Policy in a Changing World

• Main Authors: Mariana Trandafir, Georgeta Dragomir
• Format: Article
• Language: English
• Published: Danubius University 2015-05-01
• Series: EIRP Proceedings
• Subjects: price stability; central bank; the global financial crisis; unconventional measures
• Online Access: http://www.proceedings.univ-danubius.ro/index.php/eirp/article/view/1627/1497

In a context where “the economies’ evolution is driven by the crisis”, the monetary policies are facing, in the post-crisis period, challenges that bring to the forefront of debates the rethinking of objectives, strategies and even implementation tools. This paper presents in a comparative analysis, the relevance of price stability in terms of theoretical fundaments and effectiveness of the concept for the pre and post – crisis periods, in the Eurozone, the US and Japan in an attempt to identify the explicative resorts of the central bank’s monetary behavior. At this time when the central banks are obliged to unconventional measures to save the global economy from the danger of deflation, the topic is important and timely addressed. The paper uses statistical data of official documents taken from the International Monetary Fund, European Union and central bank websites.