Vol. 10, No 1, 2013 pp. 1 - 12
UDC 336.748.12 338.23:336.74
THEORETICAL FUNDAMENTALS OF INFLATION TARGETING
Dragoslav Kitanović, Milena Antić
Faculty of Economics, University of Niš, Serbia
dragoslav.kitanovic@eknfak.ni.ac.rs
The fact that by the year 2012, as many as 27 countries adopted the regime of target inflation (Serbia has been one of them since 2009) points to an increasing interest and growing popularity in the application of this monetary politics regime. As the number of countries adopting the regime of inflation targeting is growing, there is a strong need for it to be theoretically grounded. In this work we consider the bond between the appliance of the regime of inflation targeting and new keynesian dynamical models of general equilibrium - DSGE models with a leading economic mainstream (known as "new neoclassical synthesis"), and there are a few points of dispute that imply limited possibilities of the practical appliance of the above mentioned regime of monetary politics and models. When the creators of the monetary politics make decisions, it is necessary for them to take into account the understanding of initial principles, important characteristics and limits of applying this regime as well as all the accompanying instruments.
Key Words: inflation targeting, DSGE model, new neoclassical synthesis, monetary politics
TEORIJSKE OSNOVE TARGETIRANE INFLACIJE
Činjenica da je do 2012. godine čak 27 zemalja širom sveta usvojilo režim targetirane inflacije (među kojima je i Srbija, sa stupanjem na snagu od 2009. godine) ukazuje na sve veće interesovanje i rastuću popularnost u primeni ovog režima monetarne politike. Kako režim targetiranja inflacije, po broju zemalja koje ga prihvataju, ide uzlazom putanjom, to se javlja jaka potreba za njegovim teorijskim utemeljenjem. U ovom rаdu se rаzmаtrа vezа između primene režima tаrgetirаnjа inflаcije i novokejnzijаnskih dinamičkih modela opšte ravnoteže - DSGE modelа sа vodećim ekonomskim mejnstrimom (kojeg mnogi ekonomisti nazivaju "nova neoklasična sinteza") i izdvаjаju se sporne tаčke koje podrаzumevаju ogrаničene mogućnosti prаktične primene nаvedenog režimа monetаrne politike i modelа. Rаzumevаnje polаznih principа, bitnih kаrаkteristikа i grаnicа primenjivosti ovog režimа monetаrne politike, kao i svih pratećih instrumenаtа, neophodno je prilikom donošenjа vаljаnih odlukа od strane samih kreatora monetarne politike.
Ključne reči: targetirana inflacija, DSGE model, nova neoklasična sinteza, monetarna politika
