FENOMEN VREMENSKOG POMAKA („LAG“) U PRIMJENI MJERA MONETARNE POLITIKE

This paper discusses the theoretical aspect of the phenomenon of lag in the application of the measures of monetary policy. Monetary and fiscal policy faces the phenomenon of lag. One of the controversial and pressing questions of monetary policy is the nature and length of lag between the application of the measures of monetary policy and the effects on macroeconomic aggregates. While the monetary strategy points to several possible reasons for the lag, there is no general agreement on the length of the lag. The study of the phenomenon of lag imposes two questions: what does the lag of the application of monetary processes and policy imply and why are the asset holders not capable of immediately adjusting their portfolios at the time of disbalance? There are two categories of lag known in economic literature: the inside lag (which encompasses the recognition of the problem and the implementation of measures) and the outside lag (which encompasses the reaction of macroeconomic aggregates to the applied measures of monetary policy). The paper descriptively notes the different identifications of time lag and provides schematic representations of the effects of the observed phenomenon.Ovaj rad se bavi teorijskim aspektom fenomena vremenskog kašnjenja u djelovanju mjera monetarne politike. Monetarna i fiskalna politika suočavaju se s fenomenom kašnjenja. Jedno od kontroverznih i opterećujućih pitanja monetarne politike jest priroda i duljina kašnjenja između izvršenja monetarnih mjera i efekata na makroekonomske agregate. Dok monetarna strategija ukazuje na nekoliko mogućih razloga kašnjenja ne postoji opća suglasnost u vezi duljine kašnjenja. Proučavanje fenomena kašnjenja nameće dva pitanja: šta implicira kašnjenje u odvijanju monetarnih procesa i monetarne politike i zbog čega u uvjetima neravnoteže vlasnici aktiva nisu sposobni prilagoditi svoje portfolije neposredno? U ekonomskoj literaturi poznate su dvije kategorije kašnjenja: unutarnje kašnjenje (koje obuhvaća prepoznavanje problema i provedbu mjera) i vanjsko kašnjenje (koje obuhvaća reakciju makroekonomskih agregata na provedene mjere monetarne politike). U radu su deskriptivno navedene različite identifikacije vremenskog kašnjenja a dati su i shematski prikazi djelovanja promatranog fenomena

Unconventional Measures of Monetary Policy in the Function of Financial Stability

The negative changes in the international financial environment which were caused by the crisis of the sub-prime mortgage market in the United States of America have had a significant effect on the global economy in spite of the conjoint efforts of the leading world economies to counter this trend. The end of 2008 and beginning of 2009 were marked by deterioration of the macroeconomic indicators as the world economy went through the largest recession in the past 60 years. The countries which heavily depend on foreign source of funding were the most affected by the consequences of the crisis. The devastating wave of the global financial crisis led both central banks of the developed economies and those of the developing economies alike to take necessary measures as the conventional monetary policies did not react adequately or the effects were very weak. These measures are unconventional in the sense that they are a clear departure from the policy implementation framework built up by central banks over the past twenty years. This paper deals with the theoretical aspect of unconventional measures of monetary policy with special emphasis on the necessary framework for classification of unconventional measures. The goal of this paper is to show the different kinds of unconventional measures of monetary policies which used by both, developed and developing countries