TENDENCJE W POLITYCE PIENIĘŻNEJ NA PRZEŁOMIE XX I XXI WIEKU
TENDENCIES IN THE MONETARY POLICY AT THE TURN OF THE 20TH CENTURY

Summary/Abstract: An institution responsible for conducting the monetary policy is the central bank. The most important directions of changes in the monetary policy, which occurred in the last few years of the 20th century and affected the form and features of the monetary policy early in the 21st century, concerned the role and status of the central bank. These changes concerned four issues: a precise definition of the main target of the monetary policy, increasing the independence of the central bank, establishing new instruments and methods to control the central bank actions ex post and increasing the monetary policy credibility and transparency. Issues concerning central bank independence, monetary policy credibility and transparency, as especially significant, are presented more comprehensively in this paper.

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