Numerous empirical studies conducted in the last few years have proven that monetary policy has a significant impact on preserving the sustainability of the entire economic system of a country. Bearing in mind that the effectiveness of monetary policy in developing countries is especially questioned when the structure of the financial system limits the effectiveness of its instruments, the paper analyzes the monetary policy of the Republic of Serbia. The subject of research in this paper is the analysis and measurement of the effectiveness of monetary policy in the period from 2002-2022. In order to analyze the efficiency, a regression analysis of the determinants of monetary policy was performed. The results show that the government must pay much more attention to monetary policy in order to improve its effectiveness in the future.

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