Ciljanje inflacije kao alternativna strategija centralnih banaka

Abstract

Ensuring an environment with low and stable inflation is one of the main preconditions for sustainable economic growth and a prosperous economy. Achieving sustainable price stability is a complex task of every economy. Given that Serbia waged a battle with enormously high inflation rates over a long time period, and that the degree of trust in the national currency and monetary policy was exceptionally low, it is clear that the lowering of inflation and ensuring price stability was a very difficult task that had to be tackled by monetary policy makers. For these very reasons and having in mind the specificity of the situation, in 2006 the National Bank of Serbia made the decision to shift to a new monetary policy framework – inflation targeting with price stability defined as the primary and main objective of monetary policy. The paper shows the comparative experiences of a group of countries in its implementation. Special attention was paid to Serbia and the results indicate that despite the fact that the objectives for inflation have not always been achieved, it is undeniable that all countries have achieved remarkable result in reducing and keeping inflation and inflation expectations at low levels. Thus, the idea of the inflation targeting concept is not to ensure that inflation stays on target at all cost, but that monetary authorities are responsible for stabilizing inflation and inflation expectations at a relatively low level for an extended period of time.